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Lake of the Woods reports stronger-than-expected year-end finances; audit set for Sept. 29
Summary
District staff told the board that year-to-date revenues outpaced expenditures and that an external audit is scheduled Sept. 29–Oct. 2; staff flagged remaining state aid and one-time June receipts as reasons the year closed favorably.
Lake of the Woods School District staff reported that the district finished the fiscal year with revenues ahead of expenditures, driven by larger-than-expected local and year-end state receipts.
At the working session, the business-office presenter said total revenues were running roughly 105% of projections, with state revenue about 92% received, federal receipts at about 71%, and local revenues at about 147% of expectations. On the expenditure side, staff said the district had spent roughly 90–91% of its budget for the year, approximately 10% under budget overall. Salaries and wages were reported at about 96% expended; employee benefits at 89%; supplies and materials at about 74%; capital equipment at 17%.
Staff emphasized that a late influx of state and county payments in June materially improved the year-end position. The presenter said the district will complete a final draw and that figures will be adjusted through the upcoming audit process.
The business office provided summary figures to the board: reported revenues of about $8.57 million and year expenditures of about $8.14 million, producing a roughly $434,000 surplus. Staff cautioned the board that those totals are subject to audit adjustments, potential fiscal-year carry-ins, and the final 10% of state aid still to be received.
The district’s audit is scheduled for Sept. 29–Oct. 2. Staff outlined key deadlines: the unaudited UFARS submission due Sept. 15, audited UFARS due Nov. 30, and final financial records due to the state by Dec. 31.
The presenter also reviewed workers’ compensation experience and insurance. Staff said an SFM representative, Eric Hart, visited after the district saw a roughly $5,000 increase in premiums tied to claims (primarily slip-and-fall incidents and some specials-education claims). Hart flagged an SFM grant that would reimburse about 50% of qualifying purchases intended to reduce slips, trips and falls; staff will evaluate eligible purchases with facilities leadership.
Board members asked practical questions about grant timing and purchase rules; staff said the SFM application should be submitted before purchases are made and that the application deadline is Oct. 31 (funds can run out before the deadline). Staff also noted a cyber-insurance grant opportunity (Valor Insurance/Casey Holland) with a district cap cited at $40,000 and an Aug. 29 application deadline.
The board did not take a separate vote on the budget presentation; staff said the numbers will be finalized during the audit and reported back to the board when available.
