Wayland Union Schools completed its annual financial audit by Plante & Moran for the 2016-2017 fiscal year and received an “unmodified audit,” the highest rating a school district can receive and only a handful of schools are able to achieve it.
The auditors said they were impressed with the district’s internal controls, which school administrators said is a credit to the district’s finance office staff, including Director of Finance & Operations Pat Velie, Michael Tanksley, accounting supervisor; Amy Syers, accounting, and Dana Look, payroll.
The district is well on its way to achieving one of their five-year Strategic Plan goals of a 12% fund balance.
“Goal Statement: Increase the Fund Balance from 1/2% to 1% each year until it reaches 12%. Once at 12%, it should be revisited to determine whether additional increases are warranted.” Per the strategic plan, the district budgeted for a minimum of a 0.5% fund balance increase.
The close of the 2016-17 budget year, which is year 3 of 5 for the strategic plan, the district increased the fund balance from 9.76% to 11.55% through budgeting of the 0.5% and one time savings from an employer FICA refund, utility and snow removal savings from a mild winter, and grant funds received but not expended until July/August of 2017 which is in the 2017-2018 fiscal year.