Below are links for the 2015-16 audit:
The district has continued to address the fact that costs are exceeding available revenue through efficiencies, reductions, sale of property and the use of its fund balance.
The audit reported a fund balance $17.9 million, or 6.6 percent of its total expenditures, which Claeys said reflects “a conscious decision to use the fund balance to keep the program at the level that you have decided as a Board.”
She added: “you can’t use that as a mechanism any longer because the number is getting low.”
In terms of its audit of bond funds – which by law may only be used for capital improvements - Claeys reported that “proactively, the things that the district does benefits the community” by reducing interest costs from bonds issues to support improvements.
She reported that this year’s refunding of the bonded debt resulted in $260,000 in lower interest payments for residents.
Claeys also said that the district continues to reduce interest costs through a federal subsidy received during a recent building improvement project at Utica High School. The federal interest subsidy received in 2011 provides an annual interest savings of $740,000.
In addition to presenting the audit report of the district’s financial status, auditors noted that for the fourth straight year the district has been nationally recognized for excellence in financial reporting.
The Association of School Business Officials International awarded UCS the 2015 Certificate of Excellence in Financial Reporting, which recognizes the highest standard of financial reporting.
Auditors finished the report that noting the high level of student achievement supported by the district’s fiscal management.
“When you look at all the challenges you have had from a statewide funding perspective and making decisions along the way as to how you allocate your resources, even though fund balance is lower than it was several years ago, the district is in outstanding financial shape in terms of the decisions that you have made,” Claeys said.