Kay L. Chapman, CPA PC of Muscatine released an audit report on the Lisbon Community School District in Lisbon.
Financial highlights:The District’s revenues totaled $13,373,535 for the year ended June 30, 2022, a nine percent increase from the prior year. Expenses for District operations for the year ended June 30, 2022 totaled $11,268,726, a six percent decrease from the prior year. Operating grants, charges for services, and property tax revenues increased. Instruction and Other Program expenses decreased.
Audit findings:Chapman reported three findings related to the receipt and expenditure of taxpayer funds. They are found on pages 68-71 of this report. The findings addresses issues such as a lack of segregations of duties and deficit net position.
Board responsibilities: The District’s Board of Education has a fiduciary responsibility to provide guidance over the District’s operations and stewardship over the District’s finances. The Board is responsible for the governance and leadership of the District.
Copy of report:A 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 web site at https://auditor.iowa.Nov/audit- reports.