The Kodiak Island Borough School District’s annual audit will be accepted at the board of education meeting tonight, though it likely will not be discussed, as it’s on the consent agenda.
District Chief Financial Officer Luke Fulp said the auditing firm of Altman, Rogers and Company of Anchorage gave the district high marks.
— (Audit 1 26 sec "It was a clean audit … are reporting are materially correct.")
Once the numbers were crunched, Fulp reported that the district’s assets exceeded its liabilities by almost $2.9-million.
— (Audit 2 21 sec "That indicates that we … our management of public funds.")
There was a dip in the fund balance of about $2-million. Fulp says that was a combination of receiving a one-time boost from the American Recovery and Reinvestment Act money and spending from the General Fund balance on technology for students:
— (Audit 3 32 sec "Really what happened in … in the hands of students.")
The district has a General Fund balance of about $2.5-million, but only a million of that is available and unassigned. Fulp says its size is limited by state law.
— (Audit 4 33 sec "In the past, the Borough has … a school district can have.")
Labor, health care and energy costs continue to rise and cost the district more each year. A negotiated three percent increase with employees will add about $800,000 to the Fiscal Year 2012 budget. Health insurance premiums are set to increase by 19 percent, increasing the district’s costs by nearly $600,000. Energy costs associated with heating and powering the schools are expected to climb by about $376,000.
The complete audit is available on the Kodiak Island Borough School District’s web site.