Kings Mills Elementary School News

ODE Performs Independent Audit at Kings

Posted on: October 28, 2016
Ohio Department of Education graphic

The Ohio Department of Education was in the Kings District on October 10 to conduct an independent financial analysis of the Kings five-year forecast.  Kings Treasurer, Shaun Bevan requested the review of the forecast to verify his results.

Representatives from the School Funding and Fiscal Support Services Office of the ODE completed a four year history and a projection for the current and next fiscal year.  Prior to their visit, the Kings Treasurer’s Office sent them several documents and reports requested to complete the analysis.  Those documents included district expenditures and balances, estimated resources, a list of operating levies with voted millage, four year’s of historical financial data, most recently adopted appropriation resolution, most recent foundation funding report,  current adopted salary schedules for personnel, and adopted budget for the next fiscal year.

We are happy to report that the results of ODE’s audit supports and validates Kings five-year forecast as presented by Mr. Bevan.  Superintendent, Tim Ackermann said, “ The recent independent review of our five-year forecast by the Ohio Department of Education supports and validates the negative cash balance projected for the near future, as presented by Kings Treasurer, Shaun Bevan. By law, a school district cannot operate with a negative cash balance, thus causing the need for additional funding.”

Click here to see the results of the ODE’s financial analysis.  Click here to view the Kings five-year forecast and click here to view the five-year forecast notes and assumptions.  If you have any questions regarding this recent analysis or our five-year forecast, contact Kings Treasurer Shaun Bevan at sbevan@kingslocal.net.