An audit report of the Adel DeSoto Minburn Community School District for the last fiscal year has been completed and released.
According to accountants from Burton E. Tracy and Company, the district’s general fund revenues decreased by more than $106,000 in fiscal year 2013 to a total of $14.4 million. General fund expenditures increased last year as well by more than $429,000 to $13.5 million.
Overall, the district’s general fund balance is up almost $750,000 compared to fiscal year 2012.
The audit report states that the majority of the reason behind the revenue decrease is a decrease in property tax revenue received, along with a decrease in federal funds. The amount of money received from state sources increased however, by more than $200,000.
The District chose not to levy for additional cash reserve, despite the drop in revenues and the report shows the solvency rate increased from 25.84% to 31.33%. According to the accountants, this indicates the District is able to meet unforeseen financing requirements and presents a sound risk for the timely repayment of short-term obligations.
To view the full report, CLICK HERE.