External audit shows school district's finances in good shape
October 21, 2019
An outside audit once again reports that the Kershaw County School District’s (KCSD) finances are healthy and shows that the district is closing in on maintaining a recommended level for its general fund reserve fund.
Larry Finney of Greene Finney Certified Public Accountants presented the firm’s audit of the district’s 2018-19 financial statements as required by law at the Oct. 15 Kershaw County School Board meeting. He said that the district received the best review possible with an “unmodified opinion.”
KCSD also received a “no deficiencies” opinion for its internal controls over financial reporting. The school district's fund balance of $14.2 million is 15.7% of its expenditures, close to the 16.67% recommended by the Government Finance Officers Association. An adequate fund balance helps improve the district’s credit rating, assists with cash flow needs and allows the district to avoid short term borrowing for operations.
Finney said that these results are “as good an opinion as you can get." He said that the district is in good financial condition. He thanked the district's finance employees for their assistance with the audit and praised their everyday work. He said the school board ought to be pleased with the audit results.