LWSD audit comes up clean third year in a row
Published 10:41 am Wednesday, May 23, 2012
For the third year in a row, the Lake Washington School District (LWSD) has come up clean on its Accountability Audit Report and Financial Statements and Federal Single Audit Report.
The two reports were issued by the Washington State Auditor’s Office and covered the district’s last fiscal year from Sept. 1, 2010 to Aug. 31, 2011.
The Accountability Audit Report examines areas representing the highest risk of noncompliance, misappropriation or misuse. During this audit period, areas reviewed included open public meetings, alternative learning experience, financial condition and bond compliance.
The Financial Statements and Federal Single Audit Report showed no internal control weaknesses, no instances of noncompliance with government accounting standards, compliance with requirements of federal programs and financial statements being presented fairly. This year, the federal portion of the audit covered Title I, Head Start and Education Jobs Fund.
The financial highlights in the financial section noted that general fund expenses of about $218.7 million were about $449,000 more than the revenues for the year. The 2010-11 budget actually budgeted expenses at $856,449 more than revenues for the year.
“We have created a healthy fund balance as we tried to conserve our dollars during these difficult times,” said LWSD Superintendent Dr. Chip Kimball. “This year, we spent some of those savings to maintain programs for students. At the end of the year, we are still over the 5 percent minimum fund balance required by the LWSD board.”
The full reports are posted on the Washington State Auditor’s website and the LWSD website.
