|
Study yields high marks for
Kyrene schools' fiscal policies |
| By: Sarat Pratapchandran |
Jan. 20, 2007 |
|
The Kyrene School District has earned
high grades for fiscal responsibility,
based on a comprehensive analysis by
certified public accountants.
The analysis, which covered the year
ended June 30, 2006, determined that the
district’s “internal fiscal controls are
effective and well maintained,” Karin
Smith, director of business services,
told Wrangler News.
Tucson-based Heinfeld, Meech & Co.
conducted the study, which will be
presented formally to the Governing
Board at its Tuesday, Jan. 23 meeting.
State law mandates that school districts
undergo an annual audit by a certified
public accounting firm and that they
publish a complete set of resulting
financial statements.
The 2005-06 report provides a detailed
review of Kyrene's internal controls
over financial reporting, as well as its
compliance with various provisions of
laws, regulations, contracts, grant
agreements and other fiscal
requirements.
“A positive audit results in confidence
in the community,” Smith said.
Additionally, she noted, it enables
potential lenders to set long-term bond
rates based on the strength of the
district's financial statements.
Smith said a schedule of revenues,
expenditures and changes in fund
balances, both budgeted and actual, is
provided in this report for the general
fund as required supplementary
information. The annual expenditure
budget serves as the foundation for the
district’s financial planning and
control.
Budgetary controls ensure compliance
with legal provisions embodied in the
annual expenditure budget approved by
the district’s governing board.
According to Smith, the district’s
budget for 2006-07 is “pretty consistent
this year to what it was last year.”
“The school district creates a
revenue-based budget, which means we
budget expenses to equal our revenues,”
she said.
“At this time we are not anticipating
any significant increases with the
exception of kindergarten funding for
the 2007-08 school year. It is still
very early to determine this as the
legislature hasn't begun to meet on the
budget yet.”
The district, like others in the state,
expects full funding for full-day
kindergarten beginning the next fiscal
year.
“Beginning next fiscal year, it is
expected that the state will fully fund
kindergarten. At that time we expect to
have enough funding to offer full-day
kindergarten to all families who desire
that,” Smith said.
Kyrene’s current year budget for
maintenance and operations activities is
projecting a 6.5 percent increase at $99
million. M&O activities form nearly half
of all expenditures projected by the
school district.
The district has no plans to build any
new schools next year. However, Smith
said, “With bond money we are beginning
to look at some building improvements as
identified in our Capital Improvement
Plan.”
The school district’s 2007-08 budget
will be developed this spring, brought
to the board in late June for review and
earmarked for approval in early July. |
|
|
|
