FOSTER — The Boone County School Board moved to approve annual financial statements that will be submitted to the West Virginia Department of Education after a two-hour special meeting on Sept. 27.
Chief School Business Official and Treasurer Samuel Pauley presented his work to board members and answered questions regarding what he described as “solid financial footing” for the school system moving forward.
The fiscal year for the school system ended June 30.
“Mr. Pauley has a time frame to go through the books, close out the books and present that to you and he has to do this in a public forum,” said Interim Superintendent Lisa Beck, Ed.D.
Pauley, who has been employed by the school system for over three years, spoke about the process that led to the reports provided for review and approval.
“This is something that I spend weeks working on in the summer, and sit down this time of year — 90 days after year’s end — and see where the school board ended the previous school year financially.”
Ha added, “This is a draft of the financial statements and is subjected to audit over the next few months that has to be completed by March 31 of 2022.”
Under federal guidelines, auditors have nine months after year end to complete the audit.
According to Pauley, the reports in their entirety will be published via The Charleston Gazette-Mail and the Coal Valley News.
The first item discussed was “The Balance Sheet of Governmental Funds”, which represents a snapshot of June 30, 2021, in reference to assets, liabilities and fund balance at year’s end.
“The West Virginia Department of Education looks at that number (fund balance) to determine if we are sound financially — and we are sound financially. We are in great footing, as a matter of fact,” Pauley said.
The report shows approximately $5.9 million in the “assigned fund balance” category with unassigned fund balance showing approximately $6.5 million.
President Susan Kimbler inquired into what this means in terms of being compliant with state recommendations.
“Is that amount what the state department of education recommends? Are we in the ballpark for what they recommend that we have set aside?”
Pauley responded, “Yes ma’am, the state department of education says that a sound school district should have two months of expenditures from the current general expense fund, and we are dead on with that.”
Beck contributed, “It takes $6 million to keep us afloat for two months.”
Pauley’s closing statements were positive regarding the financial stability of the school system in Boone County.
“Over the years, this school board as made a lot of hard decisions and some conservative decisions that have gotten us to this point, and with the support of the voters and the approval of the excess levy we’ve been able to maintain the salary supplement and allowed to do the projects that we’ve all seen like the roofing projects, paving projects and painting projects that you as a board have been able to do, where in years past they were probably neglected because we weren’t able to do those things.”
Boone County Schools will meet again for a regular session at 6 p.m. on Oct. 4. The board’s meeting schedule can be found at boonecountyboe.org. The board meets in its chambers on the second floor of the operations complex in Foster.