11/23/2012 11:34:00 AM Randolph 2011-12 financial audit is positive
by Ken Haggerty
The Randolph School Board heard at their November 20 meeting a positive report from its auditors on the District's finances.
Highlights noted by Thomas Madsen and Amanda Linehan of Lewis, Kisch and Associates out of Hastings (Randolph alum Samantha Otto also worked on the report) included total net assets of $5,067,472 as of June 30, 2012. That was an increase of $492,060 (10.75 percent) from the prior year.
The General Fund total balance increased $405,904 from the previous year. The Debt Service Fund was down $27,748.
Factors noted for the positive numbers included enrollment up from 572 to 577 and District staff resources being stretched out and used to reduce hiring outside firms.
Costs for educating and caring for students was put at 87.6 percent. Purely administrative costs were put at 7.4 percent. Madsen said less than eight percent is a good number.
Capital assets were put at $13,482,013, an increase of $2,037,350 (17.8 percent) as the District completed an addition and remodel using interest free Federal bonds.
The audit noted the State aid shift which had been delaying 30 percent of funding went to a delay of 36 percent. Madsen said the District had enough reserves to handle the shift without relying on aid anticipation certificates, which he said many Districts have not been able to do.
The audit noted that the housing market in the area was poor and that the 2011-12 student built house is still on the market and may not be able to generate a profit.
The Board accepted with regrets resignations of bus driver Dave Langsdorf and kitchen worker Michelle Hemphill. They were thanked for their service.
The Board approved the hires of Christine Tresselt-Warren as the ECFE Child Educator, Jordan Volkert as junior high girls basketball coach, and Michael Schmidt as junior high boys basketball coach.
Jackie Sczepanski reported on the band trip to Nashville...FFA members reported on the trip to Indianapolis...Sczepanski has started a "music listening team" that competes on knowledge of styles and artist...The Xcel Energy rebate for energy saving investments in the addition/remodel was received and totaled $15,636...Accounting laws may require the District to account for struggling TRA and PERA (teacher retirement accounts)...A plaque will go up recognizing the new addition...Truth in Taxation hearing will be held with the December 17 Board meeting...Board members Garlan Dubbels and Steve Weidner were absent.