Auditors Rank Royal Oak Schools Among the Best

David Youngstrom, Principal, Yeo and Yeo CPAs and Business Consultants, addressed the Royal Oak Schools Board of Education meeting and the community.

Auditors from Yeo and Yeo, gave the district’s annual audit an unqualified opinion, the highest level of confidence received for such reports. The District had $7,622,793 of unassigned general fund balance as of June 30, 2013. This is a 14 percent fund balance level, which is within the 10-15 percent range recommended by Michigan School Business Officials (MSBO).

In his comments, Youngstrom commended Rick West, executive director of business services, and the district’s business services team.

“There is much uncertainty still clouding the financial picture for school districts,” Youngstrom cautioned the board, pointing to retirement costs, the proposed repeal of the state’s personal property tax, and Governor Rick Snyder’s initiative to re-write the school aid act.

The board inquired about the level of fiscal controls and processes in the district. To which Youngstrom responded that of the 16 districts he works with, the internal controls in place in Royal Oak are among the strongest.

In conclusion, Youngstrom praised the board and the community for passing the building site and sinking fund millage.

“This provides a ‘wonderful tool’ for maintaining the community’s investment in facilities,” he said.