Key financial facts from the audit for the fiscal year ending June 30, 2011 include:
• The school’s assets exceeded its liabilities at June 30, 2011, by $2,346,431
(net assets).
• Total General Fund revenues were $4,580,390 as compared to $4,438,346 of
expenditures.
• Capital assets have been reported at $7,285,280, net of depreciation.• 81% of the school’s unrestricted resources are spent on instruction.
• The school’s fund balance of the General Fund ended at a balance of
$1,526,787 as of June 30, 2011, and represents a balance of 34.4% of
expenditures. The state holds back a percentage of public school funding
each year, to be paid the following year. A healthy fund balance allows for
sufficient cash flow throughout the year, in light of this state aid “holdback”
at a rate of 40% in fiscal year 2012. Without this fund balance, LILA would
need to borrow to bridge the gap and paying high interest rates on those
loans.
Audit reports for the previous fiscal year are available by November 30 each
year. Read this year's audit report
The school audit reports and tax returns are held for viewing in the school
front office and are available electronically upon request.
Please contact Budget Manager Julie Lundgren at 651-464-0771 ext. 234 or
jlundgren@lakesinternational.org.
Board-approved monthly finance reports are
available on this website under School Board Minutes.
Lakes International has received the State Finance Award for the last five
consecutive years. This award honors Minnesota public schools that achieve
state financial compliance, have a positive fund balance and demonstrate
financial stewardship through board and administration attendance of finance
training.
