Schools
UCS earns top rating for annual financial audit
Plante Moran issues highest level of assurance for annual audit
Utica Community Schools has once again earned the highest possible rating for its recently-released financial audit.
For the 12th straight year, the district has received an “unmodified” opinion from its independent auditor Plante Moran - the highest level of financial assurance.
“The unmodified opinion is the highest form of assurance we can provide and is evidence that Utica Community Schools is committed to exemplary accounting and budgeting principles,” said Donna Hanson, CPA and partner in the auditing firm of Plante Moran.
Board of Education President Carol Klenow said that the continued achievement is an important accountability measure for the district.
“I am proud that our independent auditors have year after year validated the Board of Education’s commitment to a transparent and responsible budgeting process,” Dr. Klenow said.
The unmodified 2014-2015 audit reported that the district finished with $270.7 million in expenditures, with 80 percent of its costs directly supporting classroom instruction, including teachers, counselors and paraprofessionals.
In addition, nearly 90 percent of total expenditures are dedicated to direct staffing costs, including salaries and benefits, according to the report.
Overall, revenues for the school district are $264.1 million, with the 81 percent of the funding coming from the State of Michigan. UCS, like all Michigan districts, is dependent on the state for funding.
The district has continued to address that costs are exceeding available revenue through efficiencies, reductions, sale of property and the strategic use of its fund balance.
The audit reported a fund balance of 9.6 percent of its total budget, or $26 million.
”The audit is a positive message for our residents, but it also demonstrates the work that needs to be done to ensure the financial future of our district,” Treasurer Dr. Robert A. Ross said.
A complete copy of the audit is available at this link: http://www.uticak12.org/downloads/transparency/budget/201422015audit.pdf
