Clark School Board Audit Reveals Clean Financial Health

Overview: The Clark School Board convened recently, with the presentation of the 2022-2023 school year audit taking center stage. Andrew Parenti, a partner at Lurch, Vincy, and Bliss, delivered the audit results, reporting an unmodified, or clean opinion. The district concluded the fiscal year with a fund balance of approximately $9.6 million, allocated across several reserves, including $2.2 million for the 2024-2025 budget and $4.2 million for the 2023-2024 school year. The audit also revealed a capital reserve of $924,000 and a maintenance reserve of $91,000, with an unassigned fund balance of $1.1 million. One recommendation was made regarding the timely deposit of program fees from the before and after school program.