Gilroy
– The Gilroy Unified School District’s audit report for the
2003-04 fiscal year came back nearly spotless, with one
exception.
The district’s reserve is currently at 1.4 percent of its
general fund expenditures, below the state’s minimum requirement of
3 percent. This year, however, the state permitted a 1.5-percent
minimum.
Gilroy – The Gilroy Unified School District’s audit report for the 2003-04 fiscal year came back nearly spotless, with one exception.
The district’s reserve is currently at 1.4 percent of its general fund expenditures, below the state’s minimum requirement of 3 percent. This year, however, the state permitted a 1.5-percent minimum.
The dip in this year’s reserve is partly because GUSD had to pay a $400,000 premium when it switched insurance companies in December, said Steve Brinkman, the district’s assistant superintendent of administrative services.
GUSD has until June 30, 2006, to get its reserve up to 3 percent, which administrators say shouldn’t be a problem.
Leonard P. Danna, a certified public accountant with the firm that completed the audit, said he was impressed with the district’s clean report.
“Frequently, when we come in to do audits, we find something significant that needs fixing,” he said. “I’m working with four (school) districts now that needed an extension from the December deadline because of significant errors.”
An audit also was completed for Measure I funds, which are dedicated to site improvements and modernization of school facilities. There were no errors in that report, Danna said.
“I think we’re in very good shape,” Brinkman said. “If anything, we’re a little conservative.”
