Lincoln-Way D210 Receives Annual Audit Report

NEW LENOX, IL — Lincoln-Way District 210 received the results of its 2020 annual audit of the district's financial statements at its Nov. 19 Board of Education meeting. The district said its financial health continues to improve.

At the board meeting, accountants from Wermer, Rogers, Doran, and Ruzon presented results from the District’s fiscal year 2020 annual financial audit.

The district shared the following summary of the results of the fiscal year 2020 audit:

• For the fiscal year ended June 30, 2020, the district governmental funds reported a combined all funds surplus of $4,614,100. The operating surplus of $3,970,980 exceeds the Board of Education adopted fund balance policy that requires the district to achieve a 3 percent operating funds surplus each year until the operating funds reach a fund balance of 33 percent of budgeted expenditures.
• At June 30, 2020, the District had repaid all current year outstanding tax anticipation warrants.
• Total fund balances increased 19.7 percent in fiscal year 2020 from $23,406,902 at June
  30, 2019 to $28,021,002 at June 30, 2020.
• The district continues to strengthen its financial position by continuing to focus on controlling expenditures. As a result of the financial improvement, in December 2019, Moody’s again upgraded the District’s general obligation long-term debt rating to Baa2 from Baa3 and affirmed the stable outlook. The Illinois State Board of Education has designated the District as Financial Review status in 2019.

The district said the external auditors provided two opportunities for improvement:

• Capital Assets- As part of the written policies and procedures manual, management put policies and procedures in place for the maintenance of the district's capital assets inventory. Additionally, the district said it will continue to explore the cost effectiveness of a third-party appraisal in order to determine the starting cost for all of the district's existing assets.
• Expenditures in Excess of Budget in the Capital Projects and Debt Service Fund- In fiscal year 2020, the Operations and Maintenance Fund and Debt Service Fund incurred expenditures over budgeted expenditures in the amount of $82,062 and $356,458, respectively. Management will continue to monitor budget-to-actual on a regular basis.