Board receives clean financial audit

Posted November 29, 2018 at 2:46 pm

Blake Bode from Eide Bailly accounting firm presented the Annual Financial Report of the district.

He noted the district received a “clean” audit opinion. The audit opinion is more precisely referred to as an unmodified opinion. An unmodified opinion means that the financial statements have been prepared using accounting principals generally accepted in the United States of America (GAAP), do not contain material mis-statements, and are fairly presented.

He pointed out the receivable as a percentage of revenue increase slightly breaking a downward trend over the past five years.

Cash and investment has stayed fairly steady over the past five years, from 2,487,007 in 2014 to 2,233,730 in 2018. Fund balance is at $2,021,523, with 1,107,453 in restricted funds including health and safety, long-term facilities, medical assistance and committed funds for student activities and roofing projects. It also appears the district has not yet received all the funds from the last operational referendum passed in 2017.

Please see this week’s edition of the Westbrook Sentinel Tribune for the full story.