CLEARFIELD – The Clearfield Area School District received a clean bill of health and accepted its annual audit report at Monday night’s board meeting.
According to Katherine Eckley of Walter Hopkins & Co. LLP, the district received an “unmodified” opinion, meaning there were not any discrepancies identified in its 2022-23 financial statements.
As of the close of the fiscal year, Eckley said the district’s governmental funds reported a combined ending fund balance of $17,067,194, an increase of $633,335 from the prior year.
She said that approximately $2,828,868 of this amount is available for spending at the government’s discretion while $1,368,083 must be used for capital projects.
She said another $2,862,018 is restricted to satisfy the subsequent year debt covenant obligations, $6,811,067 is committed for the anticipated increases in the PSERS retirement contribution rate, charter/cyber school tuition and health insurance costs collectively and $2,983,903 has been assigned to satisfy any successful real estate tax appeals resulting in refunds filed by businesses and individual taxpayers and contractual obligation increases collectively.
Finally, she said $213,255 of the governmental funds ending fund balance is for a pre-paid expenditure for the 2023-24 fiscal year and is considered non-spendable.
At the end of the fiscal year, Eckley said the unassigned fund balance for the general fund was $2,828,868, or 5.51 percent of the 2022-23 total budgeted general fund expenditures.