SANGER — General fund reserves declined more than $374,000 for the Sanger school district the 2012-13 fiscal year after incurring some security, maintenance and transportation expenses, according to an audit report released last week. However, reserves in the general fund continue to be strong, according to auditors.
At a school board meeting Dec. 11, Rob Seay of of Denton-based Hankins, Eastup, Deaton, Tonn & Seay, which conducted the school district audit, shared with trustees the decline in savings was a result of the $150,000 in security upgrades, the purchase of an heating and air condition system at the middle school and new school buses. Sanger completed the 2012-13 fiscal year Aug. 31, with more than $7.5 million in general fund savings, enough to cover about four months of operating expenses, he said.
“You have a strong fund balance as far as that goes. We’re happy for that,” Seay told board members Wednesday. “This audit was a good report.”
The audit indicated no findings or areas of noncompliance.
Debt service reserves grew by nearly $23,000 the 2012-13 fiscal year.
Board President Ken Scribner called the audit “good.”
“We didn’t put as much in the fund balance as we’re use to but it was due to the HVAC, the buses, the security,” he said. “We spent a little money but it was to the betterment of the district.”
The fiscal year for the Sanger school district runs from Sept. 1 to Aug. 31.