By SARA KINCAID, Bismarck Tribune

The Bismarck School District’s books are in order, according to a recent audit.

The audit, performed by auditors at Eide Bailly, LLP., was presented to the Bismarck School Board Monday. There were no findings and one significant deficiency on the audit.

The deficiency is because the auditors prepare the financial statements for the audit, not the school district. The audit report expressed that this is common practice for organizations the size of the school district.

“We thought we’d be able to do it this year,” district business manager Ed Gerhardt said.

The timeline for the yearly audit would have required the financial statements to be ready by August, which is a month after the books close for the fiscal year. If the district prepared the financial statements, it would need to start the audit in October or September, Gerhardt said.

The district saw an increase in its assets for the last school year, as well as increased its revenue and expenses. The district’s net assets were $72,525,564, or an increase of about $4.6 million. Total assets for the district are $103,158,358.

Federal funds and property taxes accounted for the same percentage of revenue as the 2006-07 school year, at 11 percent and 45 percent respectively. State revenue increased 1 percent, while local sources decreased a percent. The general fund revenue was $94,728,128 last year, which is about $3.6 million more than in 2006-07.

Expenditures in the general fund increased 4 percent for instruction. The general fund expenditures are $95,285,823. This is about $5 million more than in 2006-07.

(Reach reporter Sara Kincaid at 250-8251 or sara.kincaid@bismarcktribune.com.)

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