The Jamesville-DeWitt School District recently received positive remarks while reviewing their 2007-2008 audit report. At the Oct. 6 J-D School Board meeting, Terrance McCarthy gave board members and those in attendance an in-depth look at the district's financial situation.
McCarthy, a certified fraud examiner and certified public accountant with Green & Seifter, presented J-D's single audit report, which is the financial, internal control and compliance review of the district, which is done annually because the district receives federal assistance.
"It has been a good year financially for the district looking at the single audit report," McCarthy said. "The overall reserve is approximately at $2.3 million. Frankly with the economy the way it is, (the district) may need reserves to rely for things to come in the future."
McCarthy also noted that there were no changes in accounting policies this past year and that his company provides a clean, unbiased analysis of the district.
However, McCarthy did inform the board that the district needs to keep better documentation of their cash receipts, specifically regarding extra circular spending.
"The last thing you want is to have something in the paper negatively affecting your reputations as a district, in reference to the extra classroom activities spending," McCarthy said. "I believe extra classroom activities are important, but people doing things with money can potentially be unaccountable and mishandled."
The single audit report noted that J-D's expenses were about $200,000 less than last year. Additionally, J-D Business Executive William McIntyre said that J-D's food service revenue is up approximately $72,000.
"The cost of food only went up $10,000," McIntyre said. "We haven't raised prices in the past two years and hopefully we won't have to raise them in the immediate future. We like to think that we're very efficient with our spending. So we should be in good shape and positioned well for the future with our reserves."