Greenville schools receive favorable audit summary

By Kelli Ameling • Last Updated 10:50 am on Friday, October 14, 2011

GREENVILLE — Greenville Public Schools got a favorable review on the district’s annual financial audit.
Phillip Saurman, an accountant at Hungerford, Aldrin, Nichols and Carter PC in Greenville, gave the district an unqualified opinion on its money management practices and federal compliance audit.
“This is the highest opinion an auditor can give,” Saurman said.
The district received $31.7 million in revenue and spent $32.6 million. The actual figures were less than 1 percent off what administrators reported.
“This was very good budgeting this year,” Saurman said.
The district ended the 2010-2011 fiscal year with a small $2,596 profit, according to Saurman’s report. Saurman found no significant deficiencies or material weaknesses in the district’s financial controls.
“That’s a good direction for us for the next year,” said Board President Janet Ralph.
The district’s general fund balance savings rose to 11.16 percent of the 2011-2012 budgeted spending, which is an increase from the 10.85 percent recorded in 2010. Saurman suggests school districts keep a fund balance of 15 percent of expenditures to help provide cash flow through the summer without borrowing money.
The district’s financial statements had minimal number of auditor adjustments, he said. The most significant adjustments were to the refunding bond issue and Governmental Accounting Standards Board’s new fund balance reporting requirements, which are both new issues this year, Saurman said.
Treasurer James Anderson said he would like to see the district work on policies.
“Not that we aren’t doing them, just to lock them down,” Anderson said. “We need to make things more defined.”
Because some board members did not have the opportunity to view the final print of the audit, the approval of the audit will be on the November agenda.

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