Cape school district gets an 'A' on its financial audit

Tuesday, October 20, 2009

The Cape Girardeau School District received a positive review during an audit of its finances.

During its monthly meeting Monday the board approved an audit for 2008-2009 from Stanley, Dirnberger, Hopper and Associates, a Cape Girardeau accounting firm.

Patrick Kintner, a certified public accountant with the firm, said there were no findings regarding state and federal laws in the current report. In the previous two years, the district broke state budget law by spending more than was budgeted in certain funds.

According to the audit, net assets increased by $1.3 million compared to the previous year. Liabilities increased by $12.3 million and long-term debt decreased by $15.1 million.

The district had $44.1 million in revenue and $44.4 million in expenses. The sale of the former Schultz middle school building also brought in $1.6 million. About $1.3 million of the proceeds were placed in the Louis Lorimier Trust as permanently restricted funds.

Overall, Kintner said the district's accounting practices were consistent and strong.

He said he spoke with superintendent Dr. Jim Welker about efficiency issues that were not significant enough to be mentioned in the report. Attendance and free and reduced lunch data could be reported to the Department of Elementary and Secondary Education more quickly. He also said parent teacher association relationships with the buildings should be more consistent across the district.

In the past, the district used the Cape Girardeau firm Beussink, Hey, Roe, Seabaugh and Stroder for auditing services.

In other business, the board approved the following items:

* The professional development plan for 2009-10

* Board policies ECB, EHB, FF, FFA, GCBC, GCL, GDBC and IGBH.

abusch@semissourian.com

388-3627

Pertinent address:

301 N. Clark Ave. Cape Girardeau, MO

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