North Winn solvency 'acceptable'
Tuesday, December 11, 2012 3:23 AM
The North Winneshiek School District's solvency ratio for the past fiscal year was 2 percent, which is categorized as an "acceptable amount" by the Iowa Association of School Boards, according to North Winneshiek Superintendent Tim Dugger.
The District's accountant, Michelle Martinek of Hacker, Nelson and Co. of Decorah, reviewed the fiscal year 2012 financial audit with the Board Monday night.
The solvency ratio is a financial calculation that expresses the amount of a school district's undesignated and unreserved fund balance as a percent of its revenues.
The general fund spending authority balance currently is $623,310. The District's spending authority ratio was 18 percent, which is considered in the good category by the Iowa Association of School Boards, Dugger said. For fiscal year 2012, the district's ending general fund balance was $40,576.
The Board unanimously approved the FY 2012 financial audit.
'At risk' grant
The Board approved the application for the 2013-2014 at-risk/drop out prevention program which is estimated to be $50,581. The action will not increase taxes this year.
The at-risk/drop out prevention funding comes from local property taxes and a small portion of state aid, Dugger said.
The at-risk/drop out prevention program helps students who are having trouble with academics and/or issues which hinder their school success. Matt Amundson's teaching position will be funded through at-risk/drop out prevention money, the superintendent said.