SOLON — Kay L. Chapman, CPA PC of Muscatine, Iowa today released an audit report on the Solon Community School District in Solon, Iowa.
Financial Highlights:
The District’s revenues totaled $24,670,168 for the year ended June 30, 2023, a four percent increase from the prior year. Expenses for District operations totaled $20,518,419, a six percent increase from the prior year. Increases to revenue were seen in general revenue – income surtax, statewide sales, service and use tax and unrestricted grants. Increase to expenses were seen in instruction and support services expenses.
Audit Findings:
Chapman reported two findings related to the receipt and expenditure of taxpayer funds. These are found on pages 73 to 76 of this report. The findings address issues such as a lack of segregations of duties and deficit net position. Chapman provided the District with recommendations to address these findings.
Board Responsibilities:
The District’s Board of Education has a fiduciary responsibility to provide guidance over the District’s operations and stewardship over the District’s finances. The Board is responsible for the governance and leadership of the District.
Copy of Report:
A copy of the audit report is available for review in the District Secretary’s Office, in the Office of Auditor of State, and on the Auditor of State’s website at https://auditor.iowa.gov/audit-reports.