LPO school district audit receives high marks

SANDPOINT — The Lake Pend Oreille School District’s financial department is continuing its winning streak with another perfect audit.

For the eighth year in a row, the school district’s finances have received an A+ rating from independent auditors. The audit comes as good news for the district as officials prepare for an upcoming supplemental levy campaign.

“To me, this just helps with the perception that the school district has been a good steward of the public’s money,” district superintendent Shawn Woodward said.

As required by law, the district sought out an independent auditor to confirm local education finances were in proper order. Auditor Toni Hackwith, of Magnuson, McHugh & Company in Coeur d’Alene completed her work particularly impressed with the district’s financial discipline, maintaining a solid reserve fund in spite of education state funding cuts.

According to district officials, most authorities on school district budgets recommend a reserve fund set at five to 15 percent of general operating revenues or one to two months of operating expenses. Lake Pend Oreille School District’s reserves surpasses those figures, sitting at 18 percent with sufficient funds for 63 days of general operations.   

“The district continues to remain in a healthy position compared to other districts,” said Hackwith, an auditor for several school districts in North Idaho.

School officials give accolades to the district’s financial team for the good news.

“Credit for this outstanding report goes to Business Manager Lisa Hals,” said LPOSD board chair Steve Youngdahl. “Lisa knows education funding inside out and is a great asset to the school board and the community.”

The perfect audit comes as timely information to share with voters as district officials prepare a levy plan to introduce next year. The planning process is still ongoing, with several key meetings left before the levy request is finalized.

The next meeting is set for 6 p.m. Oct. 23 at Farmin Stidwell as the technology director provides an overview of his department. Later, LPOSD principals will present their school’s individual requirements at the district’s central office on Nov. 5.

After consolidating all the presented information, board members will take time to evaluate financial proposals. A Nov. 13 meeting at Lake Pend Oreille High School will lay the groundwork for a final decision. The school board will make a final decision on the supplemental levy during a Nov. 27 meeting at Kootenai Elementary.