Community Notices

Wayland schools gets highest possible rating for audit

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.

 

2 Comments

  • Here’s a good goal too: eliminate the school debt to eliminate the need to continue to borrow money from taxpayers. Nonetheless, I’m glad to hear they are making strides to meet and exceed financial goals they are setting.

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