Maney Reviews Annual Audit with Clearfield School Board

CLEARFIELD – During the Clearfield Area School Board meeting Monday night, the board received an update on the annual audit from Business Administrator Sam Maney.

While the board received a detailed, multi-page report on the audit, Maney gave the press a summary of the results of the district’s financial position at the end of the 2018-19 school year.

He said the Clearfield Area School District ended the 2018-19 school year with a $21,829 deficit. The district originally projected a $3,911,134 deficit for the 2018-19 school year.

According to Maney, the positive results can be primarily attributed to increases in local tax revenues, as well as increases in state and federal revenues over projected amounts coupled with considerable savings in major expense categories such as personnel, tuition, utilities and general supply costs over amounts originally budgeted.

He said the district’s General Fund balance as of June 30, 2019 was $14,067,332 and included $2,954,021 of reserves restricted for debt service obligations, $1,961,716 committed for employee benefit cost and cyber-charter tuition increases and $408,921 assigned for real estate tax appeals.

The food service department of the Clearfield Area School District experienced a $145,864 deficit for the 2018-19 school year. The district originally anticipated a $186,405 deficit, according to Maney’s report.

Maney said the anticipated deficit was forecast in part by the district adopting the Community Eligibility Provision that provides every student with a free breakfast and lunch.

He said the reduction in the actual deficit as compared to budgeted deficit was primarily the result of increases in state and federal meal subsidy revenues and savings in anticipated food and purchased service costs. The fund balance of the Food Service Fund was $135,429 at June 30, 2019.

Maney said a fuller review of the audit as well as the board’s acceptance of the audit will be held at the next meeting in November.

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