School district’s audit clean | SteamboatToday.com

School district’s audit clean

No changes made on fiscal year 2006 audit

Melinda Mawdsley

— Dale Mellor’s record speaks for itself.

In the seven years since Mellor took over as the Steamboat Springs School District director of finance, he has never had an audit adjustment, so Monday’s annual audit presentation to the Steamboat Springs School Board was uneventful.

“The records were clean,” said Jennifer Todd of Bondi and Company, the firm that conducted the annual audit of the district’s financial statements. “We did not make any audit changes.”

The audit was done on financial statements between July 1, 2005 and June 30, 2006 – the 2006 fiscal year.

The district started the fiscal year with $17.13 million in its general fund, which doesn’t include debt service funds or other governmental funds.

The district spent $16.83 million last fiscal year, giving the district an initial excess of $299,248.

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Other financing sources, however, caused the district to finish $383,077 in the red, forcing the district to dip into its fund balance.

“It was the biggest loss in seven years,” Mellor said.

Mellor said the district had to pay higher utility bills than expected in the winter of 2005-06, and district employees were given a 1-percent raise after the budget year began. Both those expenditures were not accounted for in the initial budget approval.

The fund balance as of July 1, 2005 was $7 million, but the fund balance was $6.63 million as of June 30, 2006.

Superintendent Donna Howell and the School Board thanked Mellor on Monday for his track record of clean audits and for his responsibility with district financial statements.

The district’s financial statements must be audited yearly in accordance with generally accepted accounting principles as applicable to governments.