In the annual independent audit of the Morgan County School District, Gilbert and Stewart CPA offered a clean, unmodified opinion, which is the highest opinion that can be received.
At the Nov. 21 school board meeting, James Gilbert said the district spent 67 percent of funds on instruction. A third of the district’s revenues come from property taxes, with the remaining coming from federal and state grants. The state contributes $12 million in revenue, a majority for special educaiton. The federal government alone contributes some $1 million in grants toward district revenue, including interest subsidies.
Last year the district spent $22.5 million of its over $24 million in revenues, contributing to a $1.8 million increase in the fund balance. About $1.6 million was allocated to the general fund. Debt fund balances were up $114,000 compared to the previous year while capital expenditure balances were down $134,000.
Gilbert noted that in a small organization such as the Morgan school district, it is hard to provide propert segregation of duties and oversight, so he encouraged mitigating controls and “looking over each other’s shoulders.”