With two major school renovation projects on the horizon, District 117’s annual audit revealed funds remaining stable and financially sound.
Valerie Flynn of Zumbahlen, Eyth, Surratt, Foote and Flynn presented the financial report for District 117 during a special meeting on Tuesday.
The year-end fund balance for District 117 totaled $19.6 million, an increase of more than $2.5 million from last year.
District 117 Chief Financial Officer Jamie Hadjan contributes a fiscally responsible mindset for the boost in the fund balance.
Hadjan added the financial profile score of District 117 couldn’t be better.
“Our financial profile score was a 4.0 for the second year in a row. That is the highest it can be at a recognition status. Two years ago it was 3.9.”
The profile score calculates the fund balance to revenue ratio, expenditures to revenue ratio, days cash on hand, percentage of short term borrowing and percentage of long-term debt margin.
Hadjen says there is a chance District 117’s impressive financial profile score could take a hit next year.
“Possibly next year our financial profile score could change because we have taken on this additional debt with $32 million in bond sales. We will just kind of have to see how that plays out.”
Hadjen was pleased to hear the fund balance is going in the right direction, because a number of schools in the state are operating out of a deficit spending.
Click here to check out the entire audit report.