By Andrea Vargo
The financial statement for the Howard Lake-Waverly-Winsted
(HLWW) school district generally looks good, said accountant Michael Burkhardt
Burkhardt told the HLWWschool board that it took in $314,393
more in revenue than it anticipated for the year ended June 30, 1999.
Property taxes accounted for the extra cash, said Burkhardt
The district also spent $61,082 less than it anticipated,
coming in under budget.
Burkhardt told the board that a final payment on the district's
general revenue bond will be made in 2001.
On the downside, the student activity account continues
to run a deficit. For the '98-'99 school year, it was a little over $10,000
in the red.
This is common in most schools, and the yearbook seems
to be the biggest drain, said Burkhardt.
The only concern that Burkhardt expressed is that $121,204
in deposits at Community Bank Winsted was not covered by collateral by,
and this is not in compliance with state statutes.
The rest of the deposits are covered by FDIC.
Two other areas of non-compliance are not really problems,
The accounting department has only one person, due to the
size of the district. This is a common problem with small schools and cities,
The state would like to see more checks and balances with
more staff, but in a small district, it just isn't possible, Burkhardt said.
Lack of records on fixed assets are another problem area.
Due to many years when no records were kept, it is just about impossible
to correct this, he said.
By Luis Puga
The Lester Prairie School Board got a clean bill of financial
health from its auditor, Mike Burkhardt, at last Monday's meeting.
The annual report indicated, according to Burkhardt, that
the school was in compliance with all requirements from the state's concerning
Burkhardt noted that the school lacks records for its general
fixed assets, but that it was not a significant problem.
Also, the school has omitted disclosures indicating spending
or work on the Y2K bug problem. Burkhardt felt this was also not a significant
Burkhardt noted that the school is close to paying off
one of its bonds.
He also pointed out a large discrepancy from the school's
general fund revenues and expenditures, a $350,000 loss. He explained that
while he doesn't know exactly why there is such a large variance, he concluded
it was because of a change in computer systems that handled the records.
He stated that he believed that what most likely happened
is that when the transition between systems was made, the records that made
up that lost were misplaced. He said he would look into the matter.