[read complete report - pdf]

Audit Objective

Determine whether the Board and District officials effectively managed the District’s financial condition.¹

Key Findings

• The Board adopted budgets with overestimated appropriations averaging $950,000. As a result, it did not use all of the appropriated fund balance.
• Taxpayers might have realized $570,000 in cumulative tax savings had the Board maintained the same tax levy as in 2013-14 and if the Board had used overfunded reserves to pay $860,000 of related expenditures rather than appropriations.
• District officials overfunded three reserves that totaled $2.1 million.

Key Recommendations

• Adopt realistic budgets based on historical or other known trends.
• Review reserves to determine whether they are necessary and reasonably funded.

District officials generally agreed with our recommendations and indicated they planned to initiate corrective action.

¹ Our audit focused primarily on the general fund's financial condition.