District Continues to Receive Clean Audit Report
Despite the uncertainty school districts are feeling due to the COVID-19 pandemic, Ozark School District continued its more than decade-long tradition of receiving a clean audit report from an independent auditor.
At the Dec. 17, 2020, Board of Education meeting, Andy Marmouget with KPM CPAs & Advisors presented the audit for the fiscal year that ended June 20, 2020, saying the District ended the year with a “solid and stable” fund balance of approximately 28 percent.
“With the economic outlook, the District is expecting the fund balance to decrease,” according to the audit report. “However, because the District is healthy financially, Ozark will be able to make it through these potential financial rough times.”
Ozark CFO Tammy Short said the pandemic affected the District’s processes and procedures greatly last fiscal year, as new and challenging initiatives were quickly established in the midst of a budget cut.
During the pandemic shutdown, the District had and met five goals: Operate a free daycare to local first responders and medical staff; No layoff or furlough to any staff; Continue to pay staff at their full rate of pay no matter the hours worked; Continue to pay 100 percent of healthcare; End with a healthy fund balance so the District could add a small increase to salaries for the next year.
“We met all of these goals. Ozark has an amazing team that comes together on a daily basis to ensure that processes and procedures are adhered to in order to have a clean audit every year,” Short said. “It is not just the Business Office that makes up this team effort. I appreciate the work the building administration and staff do to be good stewards of the taxpayer dollars.”
The 58-page audit report states that the District continues to budget conservatively. The report also references the temporary school closure, the state unemployment rate and state funding cuts.
“FY20 ended very differently because of COVID-19 and school closure. For Ozark, over $1 million was cut from the budget due to the formula not being fully funded,” according to the audit report. “With the formula and other state funding being cut for FY20, the outlook for FY21 is very uncertain. Therefore, the District is budgeting very conservatively in expenses and revenues. The District will continue to monitor the state economy as well as the local economy to see the full impact of COVID-19.”
Marmouget reviewed various aspects of the report, declaring it a clean audit with no findings, before the board approved it.
Find the complete audit report here.