Ferndale School Board Accepts Audit Report of 2011-12 District Budget
The budget reflected a "rainy day fund" of $4,677,220.
Ferndale Board of Education members unanimously accepted an audit report at their regular meeting Monday night.
The audited financial statements are from independent auditors Yeo and Yeo for the 2011-2012 district budget.
Mari McKenzie, principal with Yeo and Yeo, P.C., CPAs and Business Consultants, said the audit found that the financial information was properly accounted for (an unqualified opinion), there were no findings in the areas of internal controls or compliance, and no management comments.
"Ferndale Public Schools has continued the tradition and demonstrated prudent fiscal management as it continues to position itself for the future," McKenzie said.
The district has had a balanced budget and has added to its fund balance every year since 2004, said Ferndale Schools executive finance director Maureen Adams.
"This has been during a time of declining and unreliable state funding," she said. "We have maintained a full-service school district demonstrating improvements in student achievement, supporting an award-winning music program, and ensuring no pay-to-play athletics."
The 2011-12 budget reflected $39,652,429 in revenue, and $39,271,091 in expenses, with a fund balance (or "rainy day fund") of $4,677,220.
Superintendent Gary Meier thanked Adams and her staff for their work to ensure a balanced budget for nearly 10 years.
"I just want to publicly thank her for her hard work and the hard work of her staff," Meier said.
"I don't do it all by myself," Adams said during the meeting. "It's a collaboration."
Board members also praised Adams. "I appreciate your hard work," said board president Keith Warnick.
Warnick said many other area districts have asked about Ferndale's budget and how Ferndale does it.
Board member Jim Pfleger it's "very, very unusual" to have a no-comment audit. "It speaks volumes to our staff," he said.