Boyceville school board hears results of 2015 – 2016 audit

By Cara L. Dempski

BOYCEVILLE — Boyceville’s school board and district administrators heard a brief presentation on the district’s financial health during the board’s most recent meeting.

District auditor Kim Schulte presented a one-page handout to the board and assembled audience members before she started her presentation at the February 20 meeting. She informed the board there were really no issues she spotted during the course of the audit.

“Probably the most important number to look at in any school district is the fund balance in the general fund,” Schulte explained. 

The Boyceville school district had $2,941,605 left in the general fund balance according to the 2016 financial statement provided by Schulte. This accounts for 40.24 percent of the $7,310,600 in general fund expenditures for the 2015 – 2016 budget. 

In addition, there was $149,127 left in the unassigned fund, which is often allocated to things like early retirement. The unassigned funds, which are used for day-to-day operations, totaled $2,792,428.

A fund balance that high for unassigned funds is well above the roughly 17 percent of expenditures recommended by the Government Finances Officers Association, which is a good sign according to Schulte. 

The total fund balance for 2015-2016 saw an increase of approximately $440,000 from the previous year. 

“This shows you have a good cash flow and adequate reserves,” Schulte told the board.

The school district was very close to its projected revenues, earning $8,644,084 and spending only $8,232,415 for a net revenue amount of $411,669. Overall, the board learned it has nearly four months worth of expenditures in its general fund balance.

The Boyceville school district has also consistently decreased the amount in its debt service fund since 2014, when the district had $487,316 in the fund. The 2016 fund was only $433,645, which was a decrease of $1,293.

The district had $8,960,613 in outstanding general obligation debt at the end of 2016 and was at 32.52 percent of its debt limit. Most districts are expected to carry 20 percent of their total expenditures for their debt service, but Boyceville’s debt service percentage of total expenses was only 10.11 percent for the year.

District superintendent Kevin Sipple piggybacked off the audit report with a request for revisions to the 2016 – 2017 budget. He stated in the meeting there would be changes to the fund 10 anticipated revenue amount that will be transferred to the fund 27 account.

The move will transfer $6,000 from the fund 10 line item for anticipated revenue: revenue-special projects to the special education fund 27 line item for inter-fund operating transfers. The transfer decreases the total expenditure appropriations for the district to $1,481,331 for the year.

Sipple stated “the changes are really just a reflection of the difference between the projected budget and reality.”

In other business, the school board:

• Approved a retirement request from Nancy Anderson. Anderson has been an educator for 33 years, and has worked in middle and high school education for Boyceville for 31 years.

• Approved hiring Andy Britz as a bus driver and Derrick Retz as a maintenance technician.

• Approved the resignation of Corrie Roemhild as head varsity volleyball coach and Angela Hellmann as junior varsity volleyball coach.

• Approved Maxwell Engel as the recipient of the 2017 Wisconsin Academic Excellent scholarship. Alternate recipients (in order), are: Brooklyn Hellmann, Hannah Guy, Madysn Riek and James Palmer.

• Approved Reyse Klatt for the 2017 Technical Excellence Higher Education Scholarship, with Jacob Diller and Abigail Kegan as alternates.

• Approved spring semester overnight/out-of-state field trip requests.

• Accepted a WICPA Accounting Careers Awareness Grant of $1,577.

• Accepted Brad Stevens’ donation of new wrestling practice mats for the middle school; the mats are valued at $7,023.

The board then adjourned to closed session. No action was taken in closed session.