Yeo & Yeo CPAs & Business Consultants, a Saginaw-based firm, presented a positive audit report to the Oxford Board of Education at its Nov. 15 meeting.

The audit covered the 2015-16 fiscal year, which ended June 30.

“There were no findings, no significant differences and no material weaknesses. It’s the highest level of assurance that we can give you,” said CPA Jacob Sopczynski, of Yeo & Yeo, who presented the audit report.

The fund balance for the general fun was $8.4 million as of June 30.

According to the report, $52.8 million in revenue was brought into the district.

Of that amount, $42.88 million (81 percent) came from the state, $6.66 million (13 percent) came from local taxes, $1.86 million (4 percent) came from interdistrict sources, $1.26 million (2 percent) came from the federal level, and $129,237 (less than 1 percent) came from transfers.

On the expenditure side, the district spent $50.5 million, less than it took in. As a result, the fund balance grew by $2.25 million.

Instruction accounted for the largest portion of district expenditures at $31.3 million (62 percent). Other expenditures were supporting services at $18.26 million (36 percent), $652,883 (1 percent) for capital investment and $276,117 (1 percent) for debt services and $25,240 for community services.

Enrollment in the district was reported to have increased from 5,504 pupils in 2015-16 to the current 5,655 pupils.

According to Sopczynski, there are very few districts in Michigan that have the rising enrollment experienced by Oxford Schools.

“We don’t often see this kind of trend, so you guys are doing something right. Adding the right programs, the teaching, the results based on your testing… (Oxford Schools) is going in the right direction,” Sopczynski told the board.

To further strengthen the district’s financial standing, Yeo & Yeo recommended the district allocate two portions of the general fund budget for specific goals – one to fund district projects and one to act as a buffer in case of catastrophic loss.

“Things look good today, (but) who knows in the State of Michigan, what could happen in the next two to three years? Setting some of that money aside will allow you in the general fund to allow your budget and then build an asset with it,” Sopczynski said.