2011 Audit Reveals Modest Financial Growth in District 63

There were no major surprises in the audit for fiscal year 2011, school board Finance Committee Chair Bill Carpenter said when he presented the report at the Oct. 18 meeting.

The district ended fiscal year 2011 on June 30 with just more than $3.8 million in the fund balance, an increase of about $340,000 over 2010. 

The amount in the general education fund was slightly lower than expected because the district did not receive all of its state aid or federal Impact Aid on time, according to the audit report.

This resulted in education fund revenues about $174,000 less than expected, according to the report. But the district also spent about $479,000 less than budgeted, producing a net growth of about $311,000 in the fund over 2010. 

Impact Aid is typically delayed, board President Mike Webster said in a presentation on the topic earlier in the evening. He said the district expects to receive the balance of Impact Aid owed to it for 2009, for example, by Jan. 31, 2012.

Regardless, the district did not have to go out for tax anticipation warrants in FY 2011, Carpenter said. The district planned for a balanced budget, which its board members emphasized is an ongoing goal.

District Auditor Jim Henry said in his report that he wouldn’t recommend any changes in District 63’s financial reporting practices, Carpenter said. 

“He had made recommendations to make changes in the past,” Carpenter said. “All of those changes have been addressed.”