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Tuesday, May 3, 2016

School board reviews audit

Wednesday, November 16, 2011

McCOOK, Nebraska -- After several years of saving, the McCook School District was able to use money from two funds in the budget, for upgrades at the high school and to purchase a building.

The Special Building Fund, as well as the Depreciation Fund, are part of the budget of the McCook School District and are used to purchase items that will be needed in the future, MPS Business Manager Rick told school board members at their regular meeting Monday night.

A recent audit of the district's finances was done by McDermott and Miller of Kearney and in discussion, Haney pointed out that funds in the Special Building Fund, with a current balance of $285,745, were used to purchase the former National Guard Armory this year at $82,500. The fund also helped to finance upgrades to the heating/cooling system at the high school, at $1.3 million.

The Depreciation Fund, with funds transferred from the General Fund, has a current balance of $832,275. Items purchased this year from this account included an activity bus, at $180,000. Future needs include roofing on various buildings in the district, yellow route buses and resurfacing the track and the parking lot at the high school.

Board member Shane Messersmith questioned if it was worth hiring additional staff to keep an eye on the finances, as large amounts of money are being handled.

Haney responded that there is good system of "checks and balances" already in place.

Each check going out has "multiple eyes and multiple signatures," he said, with at least three other people taking a look at receipts and reimbursements.

Messersmith did not seem entirely convinced.

"It only takes one bad apple," Messersmith said. "That's what happened in other districts."

Other fund balances Haney highlighted included:

* General Fund: $5.1 million, with a planned deficit of $222,339.

* Activity Fund: $230,658; this fund is for sports and clubs.

* School lunch fund; $121,024. The school district will receive a rebate from the school lunch program used by the district, as stated in the contract. These funds will be used to upgrade kitchen facilities in the future, Haney said.

* Early retirement fund: $296,168. 17 persons have qualified for the early retirement offered by the district, with $101,000 paid out in September, Haney said.

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