Oxford school board approves ‘good’ financial audit report

By Shelby Stewart-Soldan
Staff Writer
OXFORD – The Oxford Board of Education approved their annual audit report, presented by Jacob Sopczynski of Yeo & Yeo, during its regular meeting on Oct. 24.
“In our opinion, the financial statements are good,” Sopczynski said.
With general fund revenues of $106,994,813, and general fund expenditures of $104,408,179, the district added $2,586,643 to their fund balance for a total fund balance of $16,861,312.
“General fund ended at about $16.8 million. We set some money aside for prepays, so it’s not really part of fund balance,” said Sopczynski. “That leaves us about $11 million that is assigned for long-term debt. Historically, we’ve always looked at a fund balance as a percentage of expenditures. Well, with all of the ESSER dollars and all of the extra revenues, the state is measuring that with unrestricted revenues, 24%. That is a healthy fund balance, and that’s where we like to see it.”
Enrollment dipped slightly for the 2022-2023 school year, going from 7,130 students to 7,084 students. However, the per-pupil funding from the state went up from $8,700 to $9,150 for 2023.
“We got a nice bump for 2023, and we’ll get another nice bump for 2024, we like that,” he said.
The final budget was 3.9% off of the actual revenues, and 1.39% off from the actual expenditures.
“There were some line times that were over budget, but in general the budget is pretty close,” said Sopczynski. “We were about $2 million off. Awesome job by the finance department.”

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