For more than a decade, the Ozark School District has received clean audit reports from an independent auditor, and 2019 brought more of the same.
At the Nov. 21 Board of Education meeting, Andy Marmouget with KPM CPAs and Advisors presented the audit for the fiscal year that ended June 20, 2019, saying that the district ended the year with a healthy fund balance of approximately 30 percent.
Marmouget also praised Ozark School District Chief Financial Officer Tammy Short and her team, saying they did a great job switching over all the school district’s account numbers to the new Missouri Department of Elementary and Secondary Education financial system.
“Our annual audit is a team effort and we have an amazing team at Ozark School District,” Short said. “Although the audit happens once a year, it's our day-to-day operations that ensure we continue to follow proper procedures and guidelines. I could not be more proud of the team I work with to make our audit a success.”
The 60-page report states that the district continues to sets budgets in a fiscally conservative manner.
“Although there is an increase in the local economy and the state formula appears to be stabilized, the district continues to take a conservative approach to budgeting for FY20. In FY19, the District saw approximately a 5 percent increase in local assessed valuation,” the KPM audit report reads. “Along with this, the district is continuing to see steady growth.”
While some financial benefits are expected to accompany future property tax gains, the audit report notes that the Ozark Board of Education isn’t planning any above-and-beyond spending. The Missouri Foundation Formula, which is the funding mechanism for the state’s portion of every school district’s budget, is expected to be funded in full by the Missouri General Assembly in 2020.
“With the increase in assessed valuation and the state continuing to project the formula being funded 100 percent, the district is optimistic about funding. The district will continue to monitor all revenue sources as well as take a conservative approach to budgeting all expenditures and revenue,” the report reads.
Marmouget reviewed various aspects of the report with the school board and declared it a clean audit with no findings, meaning that the auditors do not recommend any corrective accounting actions.