Accounting services are provided by employed staff.  Services include budgeting, fund accounting, pay and benefits processing, purchasing, insurance management, inventory, and financial record keeping.

Financial Accountability

Revenues and expenditures are monitored by the Director of Accounting and the Superintendent.   Each quarter, a Finance Committee including the Treasurer of the Board of Education, an additional appointed Board member, a District Accountability member appointed by the Accountability Committee, the Director of Accounting and the Superintendent review financial records and reports which depict the financial status of the District.   The Treasurer of the Board of Education presents a financial report to the Board of Education each quarter.   Annually, financial records and procedures are audited by external Certified Public Accountants  (Adducci and Associates, P.C.).

• Assets exceeded liabilities by $8,379,476 (All Funds).
  
  
• Total net assets increased by $31,020 over the prior fiscal year.
  
  
• General revenues from property taxes and state equalization amounted to $9,712,337.
  
  
• Grants and contributions amounted to $1,213,595.
  
  
• Expenses from governmental activities came to $10,907,707 for the 2005 fiscal year.
  
  
• Business type activities  (Food Services and Pool Fund) assets exceeded liabilities by $390,943.
  
  
• At the close of June 30, 2005, the District reported $2,316,074 combined fund balances for governmental funds, a decrease of $115,637 from the previous year.   Expenditures exceeded revenues by $87,781 before transfers.   An additional $95,000 was transferred to proprietary funds for operations.
  
  
• The General Fund ending fund balance reached $1,329,793, a decrease of $52,113 over the prior year after transfers.
  
  
• Bonds for construction of facilities were issued in 1998 and 1999.   During this year, portions of the bonds were refinanced to obtain a better interest rate and saving the taxpayers interest costs over the life of the scheduled payments.  The current balance is $1,555,000 on the 1998 series, $765,000 on the 1999 series and $9,535,000 on the 2005 refunding bond series.   Payments are made from the Debt Service Fund (Bond Redemption).
  
  

Budget

The Board of Education adopts a budget or each fiscal year (July through June).   Each May, the Board holds a public hearing on the proposed budget prior to adoption.

Mill Levy

The Board of Education certifies to the County Commissioners the amounts to be raised from levies against the valuation for assessment of all taxable property located within District boundaries for General Operational Funds, Bond Redemption, Transportation, and Special Building and Technology funds.

Purchasing

All purchases for which payment is from tax funds are made in accordance with the policies of the Board of Education and the laws of the State of Colorado. The administration is authorized to purchase and supervise the purchasing of goods, materials, supplies, equipment and furniture for the District within the parameters of adopted budgets.