MANKATO — Once again this year, the Mankato Area Public Schools' financial audit came out clean.
The Clifton Larson Allen firm reported on its findings at Tuesday night's School Board meeting. Aside from minor issues, Kim Hillberg of the firm gave a positive report on the audit of the district's $89 million budget.
“I was just very pleased with the clean audits,” said Supt. Sheri Allen. “It goes to show the great work of everyone.”
Jerry Kolander, director of business affairs, said audits are conducted annually and include “single audits” on any major federal program of $300,000 or more. As such, single audits were conducted by Clifton Larson Allen on school food service (due to the free and reduced lunch population), Title programs and special education, Kolander said.
Hillberg said the audits turned up only minor findings. One example was an employee in a federally funded position who also was working in a position that was funded by state and local dollars, Kolander said. The minutia of how the employee reported his or her time was flagged.
“We caught it in time,” Kolander said. “There was no infraction.”
The issue is one example of how thoroughly these audits are conducted, he said.
“You have the controls and procedures in place, it's just a matter of fine-tuning what you already have,” Hillberg said.
The report showed a district fund balance of about $14.8 million June 30, up from $14.2 million at the end of the previous year. The unassigned balance of the general fund is $9.43 million, up from $9.33 million in 2012, the report showed.
Kolander said the unassigned balance is a good indicator of “the health of an organization.” The district's policy is to have a reserve of one month's expenditures. The audit showed a reserve of about 53 days worth of expenditures, Kolander said.