The audit report of Bond county Unit 2 finances revealed the district’s standing with the state has improved.
Auditor Robin Yockey, from the Shelbyville firm of Mose, Yockey, Brown and Kull said Unit 2’s district financial profile number has risen.
The number this year is a 3.7, which designates for “financial recognition”. The last several years, the number was around 2.9, which means “financial warning.”
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The first two of five factors used to determine the profile number accounts for 70 percent of the total score. Yockey said the district’s ratings went from 3 to 4 in fund balance to revenue ratio and expenditures to revenue ratio.
Jumping from a 2 to a 3 was days of cash on hand. At the end of the fiscal year, it was determined to be about 123 days.
Unit 2’s financial situation has improved due to bonds issued and additional state money.
Auditor Yockey reported three findings.
She said the district twice failed to meet the 30-day notice period on budget notices placed in the newspaper, a small amount of restricted money in the lease fund was used for unrestricted purposes, and a question was raised about use of facility sales tax income.
The auditor interprets the law to restrict use of the money for equipment that does not become part of a building.
Superintendent Wes Olson disagrees with that finding. The auditor recommended the district consult its attorney.
Olson said the discrepancy in the lease fund was a clerical error on the district’s part.