Auditor Gives Pelham Schools’ Finances a Clean Bill of Health

The Pelham school district’s finances appear to be in good order, according to an independent audit that was released earlier this week.

Alan Kassay, a partner with the Harrison-based accounting firm O’Connor, Davies, Munn & Dobbins, gave a brief report of the district’s finances during Monday’s school board meeting. The audit, which Kassay did in conjunction with the district’s audit committee, covered the 2010-2011 school year.

“In our opinion, the financial statements referred to above present fairly, in all material respects, in the respective position of the school district as of June 30, 2011of the year then ended in conformity of the accounting principles generally accepted in the United States of America,” Kassay said. “That’s known as an unqualified opinion, also a clean opinion. That’s the best opinion that you can get.”

The original amount of revenues budgeted for last year, $59,738,148, was lower than the actual amount of revenues collected of $60,160,771. This resulted in a fund balance of $422,623 on the revenue side, according to Kassay.

Expenditures, which were projected to be $59,298,017, came in a little lower at $55,207,923. This resulted in fund balance of $3,258,292 once encumbrances, which were calculated at $865,212, are taken out.

“You had an overall positive budgetary variance of almost $3.7 million,” Kassay said.

Kassay pointed out that the district had $7,330,002 in financial transfer last year, which is higher than the $2,917,420 that was transferred out in 2010.

“That’s because in 2011, the district paid off the energy performance contract table approximately 13 years early, thereby saving a substantial amount of money going forward,” Kassay said.