Touting a few improvements and addressing what else can be bettered, Oxford Schools’ finances were discussed Oct. 30 as the board of education went over the 2018 audit report.
The numbers were presented by Jacob Sopczynski, who works with the Flint-based Yeo and Yeo, a firm hired by the district to go over its books.
Sopczynski started his presentation by saying, overall, Oxford had a good year. To get to his opinion, Sopczynski and his team went over Oxford’s budget, disbursements, petty cash spending, governance and state compliance among other things.
Aside from the usual observations, the district’s special education and nutrition programs were also evaluated.
“Congratulations, you passed,” Sopczynski told the board.
Based on the 2017 audit, Oxford made a few improvements. The materials needed for an audit were submitted in a more timely manner this year, which helped make the process go smoothly without the need for adjustments.
“(Last year), the business office wasn’t prepared for the audit, and this year they were,” Sopczynski said. “So, there was mass improvements in that process. Thank you for taking our recommendations to heart.”
Oxford also stayed under budget this year, coming in 1.32 percent under the budgeted annual spending of $60 million.
Sopczynski noted the district was unable to pay off its Community Service Fund Deficit, which was brought up in 2017 as well.But, improvements were made on that front from the prior year and Oxford has decreased that deficit, though it still remains.
Sopczynski noted the district’s fund balance (or reserves) for the general fund is at $25.88 million. With the district buying a few new buses, safety updates and laptops near the beginning of the academic year, there were no large purchases that would need to take place in the near future mentioned.
Going into the next year, Sopczynski had a few recommendations. Most revolved around a few purchases in the nutrition department that were not made with proper procedure, which Assistant Superintendent of Business and Operations Sam Barna said the district has already corrected.
“Going forward, anything over $5,000 in equipment purchased from food service must get approval from the (Federal Directorate of Education). We now know that,” Barna said.
Barna assured the board that he does not plan for his office to need to take corrective measures every year.
Overall, Sopczynski gave Oxford a stamp of approval. The unmodified opinion, which he noted is the “highest assurance” one could receive, is as follows:
“(Oxford)’s financial records and statements are fairly and appropriately presented, and in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.”
The school board will meet next at Oxford High School on Tuesday, Nov. 13. Meetings begin at 6:30 p.m.