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Linn County Leader - Brookfield, MO
  • Auditor Finds Little Wrong With R-3

  • At last night’s Brookfield R-3 Board of Education meeting, Auditor John Gillum of Kirksville presented the District’s annual audit. In a summary letter provided with the audit, Gillum noted his findings.
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  • At last night’s Brookfield R-3 Board of Education meeting, Auditor John Gillum of Kirksville presented the District’s annual audit. In a summary letter provided with the audit, Gillum noted his findings.  
    Gillum reported no significant troubles in performing his duties as Auditor. He also helped correct the Annual Secretary of the Board Report (ASBR), modifying it to match the findings of the audit.  
    Gillum reports that the total assets of the District, as far as cash, total of $3,375,431.  
    At the beginning of the audit year, the District had a net position of $1,595,504. They ended the audit year with the cash figure of $3,375,431. The total fund balances for the District break down as follows:
    General Fund: $1,250,954
    Debt Service Fund: $2,092,862
    Capitol Projects Fund: $31,615
    These numbers add up to make the above-mentioned total of $3,375,431.  
    The only issues Gillum found in his audit are as follows:
    - Outstanding bonds were sold, called, and retired over the course of the audit year. These funds were not reflected in the ASBR, but were reflected in the Board of Education’s minutes.  
    - Gillum recommended the transfer of QZAB monies from the Capitol Projects Fund to the General Fund. This was done by the District.  
    - A review of the District’s travel policy, specifically related to meals an employee eats while traveling for the District, was recommended.  
    - Lastly, Gillum recommends a more complete and comprehensive reporting package. This will make the District more appealing to companies when selling bonds, and help create a more favorable view of the District’s finances to outsiders. This involves a fixed asset records system implementation.  
    This system would involve a more long-term documenting of the District’s assets and expenditures. Doing so would allow more comparisons to be made between budgets, expenses, and funds received.  
    However, Gillum did report that the District’s accounting policies are in compliance with Missouri’s requirements. Gillum’s report to the Board was unanimously approved by all seven Board members.  

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