District 88 Receives Audit Results 16 Nov 11

The New Ulm District 88 School Board on Tuesday received the results of a recent audit on the school district from auditing firm Larson Allen. District 88 got high marks for its fiscal management and reporting. The district’s general fund at the end of the last fiscal year had revenues of $20.4 million and expenditures of $21.1 million, resulting in a deficit of about $690,000. A Larson Allen representative noted that the district “contained expenses.” Salaries and benefits have accounted for 75% of District 88 spending in recent years, with those levels remaining relatively stable other than rising health insurance costs. Budget shifts from the Legislature last spring erased $1.4 million worth of state funds from the district’s budget, resulting in short-term borrowing to fill the void. Local taxes account for about 15% of District 88′s revenue.