Annual Budget Audit Comes With Good Financial News for D210

Despite a tough financial year, the school district receives 'a real solid report,' with assets exceeding liabilities.

Number-by-number, line-by-line.

That's how the accountants at Chicago's Mulcahy, Pauritsch, Salvador & Co. audited the Lincoln-Way High School District 210 budget for the 2010-11 school year. The annual audit, which the board approved, came back with positive news for the district said Ed McCormick, a representative from the firm.

“Basically, it's a clean opinion,” McCormick said at Thursday's board meeting at . “This is what you as a board should hope to hear, and I'm very pleased to be able to give it, because the way things are going these days, this is not always the opinion we are able to issue.”

McCormick told the board that the district's assets exceeded its liabilities for the 2010-11 year. He added that the district had about $66 million in equity, which he called a “good thing.” Though the equity of the district was positive, he said the district's net assets did decrease by about $4 million dollars.

“Unfortunately, that's primarily due to the level funding, the timely funding, that you receive from the state,” he said. “That's beyond your control. What you have control over is the expenditure side.”

When it comes to expenditures, McCormick said the district dropped its cost per pupil from the previous year and that total expenditures were down for the year.

“You're doing what you can. ... We'll see what happens down in Springfield,” McCormick said, eluding to late state payments and the ongoing struggle to solidify that funding for schools.

Despite the shortfall in funds from the state, McCormick said that D210 is still in pretty good shape.

“All in all, considering the year that financially (the district) went through, you still have a real solid report,” he said. “We're pleased with the outcome.”

The next D210 board meeting is Thursday, Oct. 13, at .


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