WCS Receives Top Audit Evaluation

At a special meeting last week Waterville Board of Education members approved the annual audit of District finances.

Tricia Lucas with D’Arcangelo accounting firm presented a summary of the review for the 2024-25 school year.

She said a new federal accounting standard regarding compensated absences was in place for the year.

However, this year did not require a separate audit of federal funds as did the last three years.

Waterville Central School District’s federal funding was under the $750,000 minimum requiring a separate audit.

The District received an unmodified opinion, Lucas said, which is the highest that can be given.

Waterville had a $5.8 million fund balance last year, with $3 million in reserves restricted to a specific use.

The main categories of reserves are for retirement payments and capital projects.

WCS had $2 million in unallocated funds.

That amount is 8 percent of the District’s budget, twice as high as the state’s recommended 4 percent of fund balance.

Lucas said some of the reserve funds are not at capacity and money can be moved into them.

In budget-to-actual revenues the District received $377,000 more than budgeted.

Expenses were about $150,000 more than anticipated and $126,000 was added to the fund balance.

In the audit for extra- curricular student groups, Lucas said D’Arcangelo was unable to audit at the Point of Sale.

In those cases students collect cash without transactions recorded.

The audit started with deposited funds.

She said a couple of student clubs had no activity and recommended if they are not active to close them out.

The Board approved the audit and had no other business to conduct.