Oxford schools score positive financial audit

By James Hanlon
Leader Staff Writer
Oxford Community Schools received an unmodified opinion – the highest level of assurance – in an audit of the district’s financial records for the fiscal year ending June 30, 2021.
The firm Yeo & Yeo found no material weakness, no significant deficiencies, no questioned costs and no management comments, according to CPA Jacob Sopczynski. “This year was a great year and you all should be very proud of the finance department and the district as a whole,” he told the school board Oct. 12.
The general fund balance as of June 30 was $11,444,330. That was 15.67% of unrestricted revenues and of 14.88% of expenditures for the year. The fund balance was up $206,070 from $11.2 million July 1, 2020. Total general fund revenues added up to $79,997,706 while expenditures accounted for $79,791,636.
60 percent of the expenditures went to instruction costs, 35 percent to supporting services, 1 percent to debt service, 1 percent to capital outlay, and 3 percent other. “Pretty common percentages we see from other districts of your size,” Sopczynski said.
Both revenues and expenditures were up from about $70 million in 2020. “Some of that has to do with additional funding from COVID dollars and all the other funding sources we got this year,” Sopczynski explained. “Increase in revenue, increase in expense.”
Supt. Tim Throne said it might have been the first time since he has been superintendent that they have had an audit without any reservations. “I’m really thrilled about that,” he said.

Leave a Reply

Your email address will not be published. Required fields are marked *