The Sumter School District’s General Fund balance continued to grow last year, and its independent auditor described Monday its “unmodified opinion” as essentially a “sound bill” for the district’s financial statements. bottom.
According to Brian Nicholson of Mauldin & Jenkins, who submitted an audit report to the entire Board, the positive change in net income or endowment balances for fiscal 2021-22 was $9 million, increasing the General Fund to $41.6 million. bottom. Number of councilors at the meeting.
As in recent years, teacher and staff vacancies have contributed to increases in the General Fund, said Nicholson and District Superintendent William Wright, Jr. Date June 30, 2021.
The June 30, 2022 snapshot 2022 audit report is surprising because District Chief Financial Officer Shatika Spearman previously presented that total in her monthly financial report to the Board of Directors in December. not. That report was basically addressed to a different school board, but after she won the November election and in early January she had seven new board members installed.
Nicholson, the district’s lead auditor of the audit, praised Spearman’s work, adding that no material flaws in internal controls or issues of violations in the audit were found.
Best practices from the Association of Government Treasurers recommend keeping general funds at 20% to 25% of annual spending, Nicholson said. In the General Fund he has $41.6 million and the district now holds 32% of annual spending in reserves.
“I consider it healthy,” he said.
In last year’s 2021 audit report, the school district was already within best practice. Her CFO for the school district at the time was Jennifer Miller, and she has held a similar position in Lexington First School District since July. Spearman said she started in Sumter on August 1st.
The district has made significant strides in its funding balance in recent administrations dating back to Interim Superintendent Debbie Hamm, who served from 2017 to 2019.