While Elkton-Pigeon-Bay Port Laker Schools expected to dip into its fund balance for the 2013-14 fiscal year, it didn’t have to reach as far as originally thought.
The Laker board of education recently received the district’s audit report from Nietzke & Faupel during its regular meeting. The report stated the district ended the fiscal year with $65,636 expenditures over revenues. In June, when the final budget was approved, the district expected to end the year with $105,205 in expenditures over revenues.
Smith credited the board and staff for reducing expenditures to help the district end the year with a reduced deficit.
“I am very pleased with the current financial condition of our district,” said Bob Smith, superintendent. “”(We have) over 14 percent (of our budget) in fund balance.”
Smith noted the report was considered “clean” ‘by the auditors, which is a credit to Mike Klosowski, chief financial officer.
“This will greatly help our credit terms to be favorable,” Smith said.
The report stated the district’s 2013-14 revenues totaled $8.28 million and expenditures totaled $8.35 million. The resulting fund balance as of June 30 was $1.18 million.
The audit report stated that 48 percent of the district’s revenues came from the state, 46 percent were from local sources and 5 percent came from federal sources.
As for expenditures, the district spent 54 percent on instructional needs and 31 percent on instructional support. The rest of the expenditures went to other categories, such as transportation, building and grounds and administration.
The district is planning for a balanced budget for 2014-15, officials said. A budget amendment will be presented to the board in January 2015.
In other business at the regular meeting, the board:
*Discussed its strategic goals and indicators for the 2014-15 school year in the areas of culture, finances, facilities, technology and academic achievement.
* Approved winter coaching staff, which includes the same individuals as last winter.
* Allowed senior Terrance Dubs to graduate early, as he has fulfilled all of his graduation requirements. He will be joining the National Guard. He will be allowed to participate in the June 2015 graduation ceremony.
* Congratulated the Laker Cross Country team on being recognized for its spirit and sportsmanship at an event in Mayville. The team received a plaque for its achievement. The team is coached by Klosowski.
The Laker board of education recently received the district’s audit report from Nietzke & Faupel during its regular meeting. The report stated the district ended the fiscal year with $65,636 expenditures over revenues. In June, when the final budget was approved, the district expected to end the year with $105,205 in expenditures over revenues.
Smith credited the board and staff for reducing expenditures to help the district end the year with a reduced deficit.
“I am very pleased with the current financial condition of our district,” said Bob Smith, superintendent. “”(We have) over 14 percent (of our budget) in fund balance.”
Smith noted the report was considered “clean” ‘by the auditors, which is a credit to Mike Klosowski, chief financial officer.
“This will greatly help our credit terms to be favorable,” Smith said.
The report stated the district’s 2013-14 revenues totaled $8.28 million and expenditures totaled $8.35 million. The resulting fund balance as of June 30 was $1.18 million.
The audit report stated that 48 percent of the district’s revenues came from the state, 46 percent were from local sources and 5 percent came from federal sources.
As for expenditures, the district spent 54 percent on instructional needs and 31 percent on instructional support. The rest of the expenditures went to other categories, such as transportation, building and grounds and administration.
The district is planning for a balanced budget for 2014-15, officials said. A budget amendment will be presented to the board in January 2015.
In other business at the regular meeting, the board:
*Discussed its strategic goals and indicators for the 2014-15 school year in the areas of culture, finances, facilities, technology and academic achievement.
* Approved winter coaching staff, which includes the same individuals as last winter.
* Allowed senior Terrance Dubs to graduate early, as he has fulfilled all of his graduation requirements. He will be joining the National Guard. He will be allowed to participate in the June 2015 graduation ceremony.
* Congratulated the Laker Cross Country team on being recognized for its spirit and sportsmanship at an event in Mayville. The team received a plaque for its achievement. The team is coached by Klosowski.