Re-1 finances in good condition |

Re-1 finances in good condition

An auditor said Wednesday Roaring Fork schools are on solid financial ground.

Roaring Fork School District Re-1 auditor Paul J. Backes told the school board that the district’s short-term and long-term finances are sound, as well as its 2004-05 financial report.

“The district’s finances are in great shape,” said board president Michael Bair. “The $86 million bond election gives us a great look short term because of that money.”

For the long term, he said, the audit shows that RFSD financial officer Shannon Pelland is staying on top of the district’s finances.

“One of the things I feel blessed as a school board member is that we have such an amazing financial officer and financial staff to keep the district in good shape,” Bair said.

Board member Bruce Wampler said the district’s finances have been in good shape for several years now, unlike a decade ago.

“The boards are allocating the funds pretty well,” he said. “We’re in sound financial shape.”

Backes analyzed the district’s finances for the fiscal year ending June 30, 2005. RFSD’s total assets totaled $165,949,224 ” a nearly $95 million increase over the previous year. District net assets totaled $29,129,378, which increased by nearly $7 million over the previous fiscal year.

The district’s capital assets, such as land, buildings and equipment, were 32.9 percent of total assets, drastically less than 78.4 percent for the previous fiscal year because of the increase in cash and investments from the sale of $86 million in voter-approved bonds, according to the financial report.

For the 2005 fiscal year, RFSD spent about $25 million on direct student instruction, $3.9 million on district and school administration, $1.5 million on student transportation, about $978,000 on student activities and about $1.1 million on food services.

Revenues for the year totaled nearly $50.9 million, with expenses totaling $43.9 million. Revenues for fiscal year 2004 totaled $43 million, with expenses totaling $39.1 million.

The financial report said the district ran about $24,000 overbudget for transportation because of higher-than-expected fuel costs.

All other expense categories, including direct instruction, indirect instruction, operations and maintenance and support services, ran underbudget.

The district’s long-term debt totaled approximately $130 million ” $88 million more than the previous year because of the sale of the $86 million in bonds.

Contact Bobby Magill: 945-8515, ext. 520

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