FPS District’s Annual Audit Reports No Major Deficiencies

FREMONT – District finances was the main topic at the Fremont Public School’s Board of Education meeting.

Over the last several months the district has worked with D.A. Davidson to review and evaluate the potential savings that would occur if they refinanced their current General Obligation Build America Bonds. Executive Director of Student Services and Business Affairs Brad Dahl says the refinancing could potentially save the district almost a million dollars.

“It has the potential to save us somewhere between 7%-9%,” said Dahl. “Our bonding agent is estimating that could be somewhere between $800,000 to one million over the life of the bonds.”

The board voted unanimously to approve the bond resolutions as they were presented. The discussion then moved to the district’s Audit Report. The annual audit was done by Erickson & Brooks. Dahl says while no major deficiencies were reported in the audit, the board always takes the information to learn from.

“They evaluate our entire financial program. They look at how we expend our revenues,” said Dahl. “We record all of those expenditures and receipts. We’re happy to say there are no significant findings. We do use the information we gain from Erickson & Brooks to modify our practice and become better at what we do. There’s always room for improvement.”

The audit report did say 40% of the district’s general fund comes from property taxes, while 46% comes from state revenue. Kent Speicher, a partner with Erickson & Brooks claimed the district is more reliant on property taxes than other surrounding districts.

The board also voted to approve of the first reading of the revised Board Policy 50C.1 regarding therapy dogs. They also approved the 2018-2019 calendar parameters as presented by the administration.