“That is a nice cushion for us to be able to fund our programs,” he said.
The addition to the fund balance can be attributed in large part to the reclassification of certain special education costs. Federal funding reimburses districts at a 100 percent rate of expenditures, whereas state funding only covers a portion of costs. By reclassifying certain expenditures in special ed from state to federal, the district was able to recoup additional funds.
Last year, due to delays in state aid payments, the district showed a negative cash balance. This year, Kolander said it feels a lot better to actually see money in the bank instead of IOUs.
“That helps so much with your cash flow,” he said.
Hillberg praised the district's business office staff, reiterating that “nothing of any great significance” was found in the audit overall. Kolander said he's lucky to have Matt Wersal, a former employee at Clifton Larson Allen, as a member of the business office staff to help the district with the process.
“I'm very proud of my team,” Kolander said. “Overall, it was a very, very clean audit.”