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Sturgeon R-VI board meets, approves audit

Posted on Tuesday, December 8, 2020 at 6:04 am

A very scant audience attended the December 10 meeting of the Sturgeon R-V School Board.

Those who were there got to hear some positive news about the district’s financial positon.

Those attending heard the board receive some good news. It was delivered by representatives of Gerding Korte & Chitwood regarding the annual district audit.

They said the district received a “clean,” or “unmodified” opinion, with no material weaknesses which the representative said is the best opinion possible.

The district ended the fiscal year with a 37.9 percent fund balance – $2,424,172, up approximately six percent, she said, from the previous year. 47 percent of the district’s revenue came from local sources. The previous year, 50 percent of its revenue came from local sources.

The representative said the district only had one deficiency, which was segregation of the fiscal duties. She said the needed more staff involved, “to have another set of eyes involved.”

Fiscal aspects of the audit included:

  • The districts net position/assets for the fiscal year ending June 2020 was $2,424,172. Of that $488,833 was restricted for debt service and $5,688 health insurance benefits.
  • The district received $2,686,089 in property taxes; $1,666,733 in general state and federal aid; $40,382 on investments and $21,544 in “other.” According to the audit this resulted in a $1,598,498 decrease in the district’s net position.

They unanimously approved the audit minus Board Member Heather Dougherty, who was absent.

All attending wore facemasks.

Tom Pisarkiewicz and Brad Wegemen, from L.J. Hart updated the board on  two scheduled refinancing options of previous district bonds. One provided a savings of approximately $115,000 at a refinanced rate and the same schedule of payment, the other offered approximately $125,000 in savings with a slightly more aggressive principal payment option.

They selected the option with the largest savings. The option would include a lowered interest rate of between .87 and .89 percent with an interest no higher than one percent.

Neill said it will not impact the district’s ability to refinance newer bounds in 2024-2026.

Pisarkiewicz and Wegemen said there could be more refunding opportunities in 2026.

“We have an opportunity to save over 100 grand for the district,” Neill said of the refunding.

November was the first month high school attendance dropped below 90 percent, said SHS principal Jennifer Campbell, down to 89.5 percent. Attendance was 92.6 percent.

For the full article, see next week’s edition of the Centralia Fireside Guard.