Kay L. Chapman, CPA PC of Muscatine released an audit report on the Libon Communiy School district in Lisbon.
Financial highlightsThe District’s revenues totaled $12,236,324 for the year ended June 30, 2021., a 9 percent increase form the prior year. Expenses fo District operations for the year ended June 30, 2021, totaled $12,051,827, a 16 percent increase from the prior year. Operating grants, charges for services and property tax revenues increased. Instruction and other program expenses also increased.
Audi findings: Chapman reported three findings related to the receipt and expenditure of taxpayer funds. They are found on pages 70 through 73 of the report. The findings address issues such as a lack of esgregations of duties, certified expenditures budget and deficit net position.
Board responsibilitiesThe District’s Board of Education has a fiduciary responsibility to provide guidance over the District’s oerations and stewardship over the District’s finances. Te Board is responsible for the governance and leadership of the District.
Copy of reportA copy of the audit report is available for review in the District Secretary’s Office, in the Office of Auditor of State and on the Auditor of State’s website at https://auditor.iowa.gov/audit-reports.