Hopkins School District #270

12/17/2009

Hopkins Public Schools has received another positive report on its annual audit. LarsonAllen LLP, the independent auditors for Hopkins Public Schools, presented the positive report to the Hopkins School Board on December 17.

The audit of the school district's financial records for the budget year that ended June 30, 2009, showed that Hopkins Public Schools' financial statements were "fairly stated," earning an "unqualified" audit report. No compliance issues were noted in the auditors' review of laws, regulations, contracts, and grants.

Also significant was the finding that total revenues in the General Fund were 1.4 percent ($1,349,365) lower than the budget amount, and total expenditures were 6.8 percent ($5,703,508) less than what had been budgeted. The district's General Fund unreserved-undesignated fund balance is $11,177,041, which represents 13.8 percent of related General Fund operating expenditures.

A fund balance in the General Fund is an important aspect in considering the district's financial well being. A healthy fund balance represents things such as cashflow, as a cushion against unanticipated expenditures, enrollment declines,and funding deficiencies and aid prorations at the state level.