Thursday, March 28, 2013

LMSD Reviews Financial Audit

LMSD Board members met with school administration on Tuesday (March 26) to review the recently completed financial audit for 2012. Each year, the district is required to complete an audit of finances and financial procedures. This audit was conducted by the Watkins,Ward and Stafford accounting firm.

Board members noted and questioned the increase in reported errors from previous years. Most issues centered around improper dating of contracts often due to lag times between Board meetings and contract submission, definition of supplemental pay to teachers and coaches and deposit time limits. Issues indicated were not considered to be major in nature but the Board and administration are addressing the procedural issues for upcoming years.