Minooka Grade School District gets mixed report on finances
By Kris Stadalsky Correspondent October 29, 2012 12:40PM
Updated: December 1, 2012 6:22AM
The Minooka Grade School Board heard the good and the bad of the 2012 fiscal year recently with an audit report.
Ed Marso, auditor for Wermer, Rogers, Doran and Ruzon of Joliet, told board members that while the district has a healthy cash position and surpluses in some accounts, its debt service account has a $728,840 deficit. That fund increased by $566,869 during the last fiscal year.
“What we have here is a shortfall in debt services because of a shortfall in property taxes,” Marso said.
Superintendent Al Gegenheimer said two industrial companies in the district did not pay property taxes between 2008 and 2010 due to disputes over their EAV, resulting in the shortfall.
The district is negotiating with Aux Sable Liquid Products of Channahon and hopes to have a settlement soon.
The district stayed below all budgeted expenses last year, Marso said, adding “that’s a good sign.”
The district received a 3.35 out of a possible 4.0 profile score on the audit.
The two things that kept the district from getting a perfect score on the audit are $80 million in long-term debt, from the sale of building construction bonds and school renovations, and its revenue to expenditure ratio.
“In some funds you are spending more than taking in. You can (do that) because you have fund surpluses,” Marso said. “But sooner or later, if nothing is done, you will hit the proverbial wall.”