GLASGOW — The Barren County School District received a clean audit, even if it was “not the best audit you’ve had,” said Cindy Greer, certified public accountant with Campbell, Myers & Rutledge.
Greer said that for the 2007-08 fiscal year, which started July 1, 2007, and ended June 30, 2008, the district had total assets of $14,246,835 and liabilities of $4,283,492.
The district started the fiscal year with $43,366,121 in revenues, but ended it with $38,877,170.
The district also started with more expenses than it had in the end.
At the beginning of the fiscal year, it started with $43,843,959 and ended the year with $40,334,774 in expenses.
“This is a clean opinion, but we all know it’s not the best audit you’ve had,” Greer said. “There are suggestions we’ve made to you for the future. I do want to say that we understand the state is putting you in a bad position and you’re doing what you can with that.”
Superintendent Jerry Ralston thanked Greer for being helpful when preparing the budget and for her suggestions.
“We want to react in a positive way to your suggestions and better help ourselves,” Ralston said. “We all know about the tough economic situation and we’re trying to deal with that with looking forward to next year’s budget. We’re trying to come up with a budget we can live with, even if that means making cuts to provide more support as we deal with this.”
Greer said the district is doing the best it can with a tough situation.
The accounting firm had two findings and recommendations regarding those for the district.
The firm said due to the small size of the district’s accounting staff, some duties had not been properly segregated and recommended that some duties be divided between staff and that bank statements and the like be reviewed by another employee who does not handle cash records.
The firm also recommended record keeping procedures for the recording of fixed assets within various sections of the district need to be more efficiently reviewed and updated.
“It’s a hard time,” Greer told the board. “We’re all having to look at cuts. The problem is, you guys have to make decisions that effect our students, which is a very tough thing. I do think it’s a good sign that you are looking ahead.”
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