The Pikeville Independent Schools Board of Education received an optimistic 2020-21 audit report for the district during a meeting on Nov. 16.

The audit provided an overview of the district’s financial statements and activities during the past fiscal year, ending on June 30, 2021. Artie White, of White & Associates, PSC, presented the audit, and he explained how it showed that the district was in “good financial condition.” He referenced how the district’s total General Fund Balance was nearly $1.445 million in revenue by June 30, 2021, which is an increase of nearly $481,000, or nearly 49 percent, compared to $964,000 at June 30, 2020.

“I think, since I’ve actually been here auditing, that’s by far the highest balance that you all have had, which is good,” White said. “It doesn’t mean you’re not here to be a savings account. You’re spending on education, but you have quality education and you’re in good financial condition, so that’s two pluses.”

Per the report, the only observed condition was from Pikeville High School, in which the auditor found that the Fundraiser Worksheet was not being completed for all fundraising events that require one. After offering a recommendation to solve the condition, the auditor noted that the recommendation was “reviewed by the principal and the bookkeeper. Both individuals who did not complete a necessary Fundraiser Worksheet are “new to their positions and will be mindful of this procedure in the current school year’s fundraising activities.”

There were no other conditions noted in the report.

“All prior year conditions have been implemented and corrected,” according to the report. “We would like to thank the Finance Officer and their department for their support and assistance during our audit.”

General Fund revenues totaled $13.37 million, which primarily consisted of funding through the state’s Support Education Excellence in Kentucky (SEEK) program and revenues from property, utilities and motor vehicle taxes. General Fund revenues were $13.06 million in 2019-20 fiscal year.

The district’s net position also improved and increased by $1.37 million during the 2020-21 fiscal year. The district’s total revenues increased from $15.50 million to $17.19 million. Property taxes and state and formula grants accounted for most of the district’s revenues.

Per the report, the total cost of all programs and resources increased from $15.77 million to $16.11 million. The district’s expenses are predominantly related to educating and caring for students, at 67 percent; administrative activities accounted for 11 percent of total costs; and plant operation and maintenance was 9 percent of the total costs.

Following White’s presentation, the board unanimously approved the district’s 2020-21 audit report.