(SBA) - Nolte, Cornman & Johnson P.C. last week released an audit report on Sergeant Bluff-Luton Community School District in Sergeant Bluff, Iowa.
FINANCIAL HIGHLIGHTS:
The District's revenues totaled $25,439,843 for the year ended June 30, 2023, a 2. 77% decrease from the prior year. Expenses for the District operations for the year ended June 30, 2023 totaled $24,974,358, a 6.03% increase from the prior year. A decrease in revenues from operating grants, contributions, and restricted interest was the primary reason for the decrease in total revenues. The largest increase in total expenses occurred in the instruction functional area.
AUDIT FINDINGS:
Nolte, Cornman & Johnson P.C. reported two findings found on pages 68-70 of this report. The findings address a lack of segregation of duties and variances in certified enrollment data. Nolte, Cornman & Johnson, P .C. provided the district with recommendation to address these findings.
Both of the findings discussed above which relate to the District is repeated from the prior year. The Community School District's Board of Education has a fiduciary responsibility to provide oversight of the Community School District's operations and financial transactions. Oversight is typically defined as the "watchful and responsible care" a governing body exercises in its fiduciary capacity.
A copy of the audit report is available for review on the Auditor of State's web site at https://auditor.iowa.gov/audit-reports.
