Troy School District audit shows healthy finances
By Marianne Eisenbrandt For The Herald-News October 22, 2012 9:22AM
Updated: November 25, 2012 11:29AM
JOLIET — The Troy School District ended the last fiscal year with a positive all funds balance, continuing a trend from last year, shows an annual audit report by the Wermer, Rogers, Doran & Ruzon accounting firm.
The district ended fiscal year 2012 with an all funds balance of $55.2 million as of June 30, the end of the last fiscal year, up by $1.9 million or 4 percent.
Operating funds ended the fiscal year with a balance of $45.8 million, an increase of $5.3 million or 13 percent.
Diane Cooper, business manager, said no material weaknesses or significant deficiencies and no instances of noncompliance were disclosed during the audit. The audit did reflect opportunities for improvement.
The report noted recommendations for improving timelines for the free/reduced lunch application verification process and the number of free/reduced lunch applications reviewed.
“The fiscal year 2013 free/reduced lunch applications have been reviewed and letters sent to parents who must comply with income verification information in a timely manner,” Cooper said.
In another matter, Ken Surma, director of operations, updated the board on the work that continues between Troy and EdAutomate in the development of an online registration process.