CASD Gets Clean Local Audit

CLEARFIELD – The Clearfield Area School District received a clean 2012-13 local audit during Monday night’s combined committee and board meeting.

Katherine B. Eckley, CPA at Walter Hopkins and Company LLP, Clearfield, presented the auditor’s report. She said it was an “unmodified opinion” without any discrepancies.

According to her, the district’s current assets totaled $40 million; further, its land, buildings and equipment amounted to $36 million. The district, she said, had total assets of $77 million; on the other hand, its debt totaled $47 million, which she said is largely due to the renovation and expansion projects at the Clearfield Area High School and the Clearfield Elementary School.

She said the district’s expenses came in at $31 million. At the same time, she said its revenues ended up coming in $3.5 million more than originally anticipated by the district.

So far as the district’s fund balance Eckley said $25 million was restricted, which was unspent bonds as of June 30, for its building projects. Additionally, she said, it had set aside $4.3 million to help pay for anticipated Public School Employees Retirement System (PSERS) increases over the next five years, and this  in turn left $3.8 million as unassigned.

The school board approved the audit as presented by Eckley. The audit will be finalized by Eckley this week, so that it can be sent into the state by Dec. 27.

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