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February 14, 2013

Claremore School Board satisfied with audit

CLAREMORE — Claremore’s Board of Education received the 2011-12 audit during Monday night’s school board meeting. After some discussion, approval was made regarding a letter of engagement with Sanders, Bledsoe and Hewett, LLC, to conduct the upcoming 2012-13 audit.

“We come in and examine the funds coming into the district and then we examine the funds going out to make sure there is proper segregation of accounting functions there to watch over all of the money,” said CPA Eric Bledsoe. “The audit found no deficiencies in the district’s internal controls.”
Bledsoe said an additional audit has to be done on the federal programs such as Title I, special education and child nutrition to make sure they are in total compliance. 
No deficiencies or violations were found.
As for the 2011-12 general fund, the district brought in revenues of $24,569,000 with expenditures of $25,085,000.
“After some adjustments were made by closing out reserves and getting rid of any outstanding warrants, Claremore ended the year with $481 more than what they started with, which is pretty incredible,” said Bledsoe. 
“The goal of government is to live on what you bring in every year. You shouldn’t have to go back and use any other funds besides what you’re bringing in every year.”
He said that’s always the goal and Claremore attained their goal by $481. 
This year, the total federal revenue for the district equals $2.9 million compared to $5 million two years ago. 
All of the stimulus money to help sustain public schools during the drought in federal funding is going away. That shows the importance of a fund balance, said Bledsoe.  
“Overall, Claremore Schools’ management did a really good job getting everything ready for the audit. It’s always a good place to come to work and we really appreciate their cooperation.”

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