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COLUMBUS -- A recent audit of the Twinsburg City School District has returned a clean bill of financial health.
The district's excellent record keeping has qualified it for the Auditor of State Award with Distinction.
"While a school district's primary concern is its students, it must also remain accountable to taxpayers," Auditor Dave Yost said. "Accurate record keeping is clearly a priority for Twinsburg, and I am proud to present it with this award."
Superintendent Kathryn Powers said that she is pleased the district has received this honor.
"Thanks to the diligent leadership of our Treasurer Marty Aho and the assistance of our administrators and staff members, we continue to be good stewards of our residents' tax dollars," Powers said. "The Twinsburg City School District's designation as the recipient of this distinguished award highlights our efficient and compliant internal operations. We are extremely proud of this recognition."
The Auditor of State Award with Distinction is presented to local governments and school districts upon the completion of a financial audit, according to information from the auditor's office. Entities that receive the award meet the following criteria of a "clean" audit report:
The entity must file timely financial reports with the Auditor of State's office in the form of a CAFR (Comprehensive Annual Financial Report);
The audit report does not contain any findings for recovery, material citations, material weaknesses, significant deficiencies, Single Audit findings or questioned costs;
The entity's management letter contains no comments related to ethics referrals; questioned costs less than $10,000; lack of timely report submission; reconciliation; failure to obtain a timely single audit; findings for recovery less than $100; and public meetings or public records
No other financial or other concerns exist that involve eligible entity.
Congratulations on a clean audit. This however really means that the financial report was put together according to Generally Accepted Accounting Principles. As voters we are entitled to nothing less with a $50 million plus budget and top administrators making with benefits over $175,000 annually.
A clean audit does not address financial accountability or transparency. Point in case, the School District ended 2016 school year with $38,000,000 in carryover cash and $33,500,000 in unassigned fund balances. The questions are: 1.) How did you only earn $26,500 on $38,000,000? 2:) How can you ask for 6.9 mills of new property tax revenue with $38,000,000 in carryover cash?
I am all for first class education for all children, however, with a $46,000,000 need for capital improvement funds recently requested, isn't it insance to ask for new operating funds? Priority setting needs to be addressed and real honesty in accounting for the $38,000,000 in carryover cash which has increased 60% since 2007?
Loren Sengstock, Citizen Auditor