Boyle BOE recognizes contest winners, teams; District receives clean audit
Published 12:58 pm Tuesday, February 27, 2024
Left to right: Middle school students Madelyn Wilkerson, Malachi Leischner, and Magen Bates received certificates for placing in the MLK and Frank X Walker contests. Photo submitted
Left to Right: Woodlawn Elementary 3rd grade students William Wall was the first place winner in the Frank X Walker Illustrated Poetry contest for 3-5th grade. Adelyn Kenney, George Rankin, and Micah Swartzentruber were honorable mentions. Ms. Anna Collins was recognized for sweeping all honors for 3-5th grade. Photo submitted.
The Bass Fishing Team was recognized as the Kentucky Bass Nation Angler Team of the Year. Photo submitted
The high school cheerleaders were recognized as the 12th Region Champions in the 2023-2024 KHSAA Competitive Cheer: Small Game Day. Photo submitted.
The middle school cheerleaders were recognized as the 12th Region Champions in the 2023-2024 KAPOS Competitive Cheer: Medium 2.5 Minute Division. Photo submitted.
District School Resource Officers were recognized for National School Resource Officer Appreciation Day. Photo submitted.
The Boyle County Schools Board of Education recognized student accomplishments and reviewed the Fiscal Year 2023 audit at their meeting on Feb. 15.
Superintendent Mark Wade and the board recognized the accomplishments of several groups and individuals:
- Boyle Middle School Student Magen Bates was recognized for placing second in the Danville Boyle County MLK, jr. T-shirt design contest. Malachi Leischner was first place winner in the Frank X Walker poetry contest for middle school grades. Madelyn Wilkerson was runner up in the Frank X Walker visual arts contest for middle school grades.
- Woodlawn Elementary 3rd grade students were recognized as Frank X Walker award winners. William Wall was the first place winner in the Frank X Walker Illustrated Poetry contest for 3-5th grade. Adelyn Kenney, George Rankin, and Micah Swartzentruber were honorable mentions. Ms. Anna Collins was recognized for sweeping all honors for 3-5th grade.
- The Bass Fishing Team was recognized as the Kentucky Bass Nation Angler Team of the Year.
- The high school cheerleaders were recognized as the 12th Region Champions in the 2023-2024 KHSAA Competitive Cheer: Small Game Day.
- The middle school cheerleaders were recognized as the 12th Region Champions in the 2023-2024 KAPOS Competitive Cheer: Medium 2.5 Minute Division.
- District School Resource Officers were recognized for National School Resource Officer Appreciation Day, which was Feb. 14.
Audit
The district’s Fiscal Year 2023 audit came back with no findings of noncompliance. The audit was completed by White and Company. The full document is available for public viewing at boyle.kyschools.us/finance-1.
Some highlights from the analysis of financial activities for the year ending June 30, 2023, taken from the audit document, are below.
Financial highlights
The General Fund’s beginning fund balance was $7,188,667. The ending fund balance was $2,321,133. General fund revenues showed an increase of $3,937,853 and expenditures showed an increase of $4,635,616 as compared with the prior year. The General Fund transferred $51,300 to the Special Revenue Fund for the technology grant and $20,964 to Special Revenue for expense reimbursements. The General Fund also transferred $3,058,089 to the Construction Fund for the Softball Field project and $190,855 for the Turf Project. The General Fund received $77,112 from the Capital Outlay Fund and $55,825 from the Building Fund for Operating costs.
The District had $44.9 million in revenue and $44.8 million in expenses.
The District, through routine debt service, reduced bond debt through the Debt Service Fund. Bond payments for fiscal year 2023 totaled $2.195 million in principal payments and $1.349 million in interest payments.
The District’s total net position increased $100,171 to $5,825,214. Current assets decreased by $4,235,407, non-current assets increased by $3,145,726. Total liabilities increased $1,787,405 as compared to the prior year.
Business-Type Activities
The business type activities consist of the food service program and newly beginning daycare program. These programs had total revenues of $2,177,331 and expenses of $2,092,450 for fiscal year 2023. These revenues were made up of $438,663 in lunchroom sales, $2,177,331 federal and state operating grants and donated commodities, and $41,981 earnings on investments. These business-type activities receive no support from tax revenues, and, as such, the District will continue to monitor these activities and make the necessary adjustments to the operations of these activities.
General Fund Budgetary Highlights
The District’s budget is based on accounting for certain transactions on the cash basis for receipts and expenditures and encumbrances and is prepared according to Kentucky law. The Kentucky Department of Education requires a zero-based budget with any remaining fund balance to be shown as a contingency expense in the budgeting process.
The most significant budgeted fund is the General Fund. The general fund had budgeted revenues of $28,722,801 with actual revenue being $31,776,981. Budgeted expenditures were $36,214,801 compared to actual expenditures of $36,644,515. The budgeted expenditures include the District’s budgeted contingency, which was not expended in FY 2023.
Capital Assets
At the end of the 2023 fiscal year, the District had invested $59,859,532 in a broad range of capital assets, including equipment, buses, buildings, and land net of accumulated depreciation and amortization. This amount represents a net increase of $3,145,726. Depreciation and amortization expense for the year was $2,435,155 and capital additions were $5,493,436.
Current Year Recommendation
During current year testing, bank reconciliations for the District’s accounts are tested. Multiple errors were discovered with the District’s reconciliations for its primary account. Going forward, the District’s finance officer must ensure that reconciliations are completed timely and accurately. This ensures that reports being reviewed by the finance officer, superintendent, grant coordinators, and the Board are reflecting the accurate status of the data being reviewed at the time of review.
Management Response:
We will ensure that all bank reconciliations for all accounts are completed accurately by about the 15th of the following month. If an issue is present, the finance officer will seek outside assistance in a timely manner to ensure that the District is not off track for multiple months.
In other business, the school board:
- Amended the 2023-24 school calendar. March 11 is now an instructional day and April 8 is now a PD day.
- Approved staffing allocations for the 2024-2025 school year.
The next meeting will be March 21 in the library at Boyle County Middle School.
