St. Johns Public Schools received excellent audit results for the 2009-10 fiscal year, according to auditors Abraham & Gaffney. The audit was presented and discussed during the St. Johns Board of Education meeting on October 11.
The district received high marks for adding to its fund balance, which is essentially the district’s value of assets over liabilities. Auditor Aaron Stevens said school districts are encouraged to have approximately 60 days worth of operating funds on hand. St. Johns has increased its fund balance over the past year from 25 operating days to 32 operating days.
St. Johns Superintendent Ken Ladouceur said his goal for the district is to achieve and maintain a fund balance of approximately 16 percent, which is less than recommended by the auditor, yet describes a healthy organization, in his view. A healthy fund balance would allow the district to avoid borrowing over the summer months prior to the receipt of state aid payments. It also reduces the overall cost of borrowing and contributes to a strong credit rating for the district.
The school district’s finances are audited annually and results are reported to the community.
In separate board action, Smith Oil of St. Johns was awarded a contract to supply the district’s propane requirements for the current school year. Historically the district uses about 30,000 gallons of propane annually. That figure is expected to rise to 105,000 gallons this year with the purchase of 20 propane-fueled buses. The bus purchase was authorized this summer by the board of education, and is part of the bond project.
Ladouceur said the district is excited about bringing the new buses into the fleet. By strongly supporting student transportation, we are affirming our commitment to St. Johns’ rural residents, he said.
It is anticipated the propane fueled buses will save an average of $1,760 or 25 percent per bus annually over bio-diesel fueled buses.