Osakis school audit goes well
While some may consider audit a four letter word, the Osakis School District knows better.
The district just came through its annual audit with flying colors.
Everything went quite well according to Chris Olson and Dennis Schmidt, auditors from Larson Allen LLP who said they appreciated all the hard work by the district staff.
The district's overall revenues are $8.54 million with $7.87 million in expenses.
As usual, the biggest source of revenue for the school district comes from the state - $5.56 million - even though it's $160,000 less than last year.
Local property tax levy contributes $1.57 million or 19 percent. This number increased by $360,000 due to both the OPEB retirement levy and the school building project.
Federal funding also took a big jump, contributing $798,854 - an increase of $527,000 due to the federal stimulus dollars.
The expenditure breakdown looked much different than last year with site, buildings and equipment taking 47 percent or $6.7 million of the budget. Typically the bulk of school money goes to regular instruction, except this year, due to the building project, it only took 23 percent - $3.3 million - of the pie.
Olson noted if they removed building construction from the equation, student instruction would jump to 40.6 percent of normal expenditures.