School district finances in good shape, audit says
The Royal Oak Schools district got a clean audit on its finances for the last fiscal year that ended in June, officials said Thursday.
“At Royal Oak Schools we take great pride in our proven track record of fiscal responsibility, accountability and transparency,” said Superintendent Mary Beth Fitzpatrick in a statement.
The audit was done by independent auditors from Yeo & Yeo CPAs and Business Consultants, according to a news release from the school district, which has an annual budget of about $65 million.
Royal Oak Schools has a general fund balance of $14.8 million, according to the audit, which meets the target of 15% of expenditures and gives the district enough resources to handle unforeseen emergencies.
“This audit … shows our district is well prepared to continue providing a well-rounded education that prepares all students for the jobs of the future, including in the skilled trades,” Fitzpatrick said.
In a statement from David Youngstrom, an auditor with Yeo & Yeo, he said the school district has a strong fund balance that shows
Royal Oak Schools has sufficient funds on hand to meet unforeseen costs, preventing the need to borrow any money, and to cover any state revenue funding shortfalls.
“The district continues to demonstrate strong fiscal stewardship despite reduced
revenues for the district and challenges posed by the pandemic,” Youngsgtrom said.
The audit found the school district maintains responsible financial operations and sets aside enough funds to plan for emergencies “such as the need to purchase additional per
sonal protective equipment or other materials to respond to COVID-19 related issues,” he said.
A full copy of the audit is online at secure.munetrix.com/app_ assets/docs/ school_transparency/6304 0FS- 2560- 16004427053838.pdf.