Issued Date
October 25, 2019
Audit Objective
Determine whether the Board and District officials adopted realistic budgets to maintain fund balance within the statutory required limit.
Key Findings
- The Board overestimated appropriations by a total of $12.6 million from 2013-14 through 2017-18.
- As of June 30, 2018, surplus fund balance totaled approximately $6.5 million, exceeding the statutory limit by 13 percentage points.
Key Recommendations
- Adopt budgets with reasonable estimates for revenues and appropriations and the amount of fund balance that will be used to fund operations.
- Reduce the amount of surplus fund balance to comply with the statutory limit and use the excess funds in a manner more beneficial to taxpayers.