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KINCAID — The South Fork Board of Education met after at Budget hearing and a 5% Administrator Cost Increase hearing held directly before the regular meeting at 6:30 p.m. in the district Media Center.
District CPA Adam Mathias of LMHN in Taylorville was present at the meeting to present the annual audit to the Board. Mathias started out by saying the district was doing a great job and they had a solid, clean report. As always, he had to point out the lack of segregation of financial duties that came from the district being too small to completely separate all tasks. However, Mathias also said the district did an excellent job checking and triple checking all steps of the financial process so that there were no irregularities.
Mathias shared the combined cash on hands funds in five accounts, education, maintenance, transportation, and torte, were up $423,000 from 2021. This was because the revenues were slightly higher than expenses for the year, despite both accounts showing an increase. Revenues were up $197,000 from 2021 for a total of around $3.7 million while expenses were up $161,000 from 2021 for a total of around $3.3 million. The total cash on hand for the district in these five accounts averages in around $2.6 million.
Tuition and cost of operation per student have gone up for the district. Tuition was around $9,399, which was similar to the 2021 number, while the cost of operation per student increased to $11,816 from $11,199 in 2021. Mathias also told the district they had two outstanding bonds they were making payments on, that totaled $885,000.
Overall, Mathias was impressed with the district’s financial balances. He said they had shown a net surplus in funds for the last five years, and earned a 3.90 score out of 4 for financial recognition. He also said that the district had 321 days of cash on hand, when the “requirement” for a good score with the state was only 180 days of cash on hand. All in all, the district’s finances are solid.
The Board welcomed back the presentation of the Student Spotlight awards at the meeting, which highlighted students who had been nominated by educators for exceptional performances in school. The winners had their photos taken at the meeting and would see them go up on the school’s Facebook page later on.
The Board also approved at the meeting:
– Audit report as presented
– FY23 budget
– FY23 seniority list
– FY23 School Maintenance Grant (matching 50/50 $50,000 grant with the state, same as previously applied for)
– District insurance increase
– Selecting partner for maintenance project
– SSP TRS insurance resolution
The next regular meeting of the South Fork Board of Education will be held on Wednesday, October 19, 2022 at 6:30 p.m. in the district Media Center.