Strong solvency ratio for Humboldt
The Annual Report for the Humboldt Community School District 2011-2012 school year is now complete.
During Monday night’s regular monthly meeting of the board, Humboldt School Superintendent Greg Darling handed out copies of the report and reviewed some of the highlights in the document.
Darling noted the district had a solvency ratio of 14.69 percent on June 30, 2012. The district carryover or unspent balance was $2,853,870.
“Our spending authority is good. When you are in the negative, the state will come and talk to you about making changes,” Darling said.
“When you figure in the building project we’ve done the last few years, the solvency ratio looks pretty good,” Darling said. “Ideally, your target solvency position should be five to 10 percent and we’re at 14.69.”
“The school district is a multi-million dollar business. From $14 million to $20 million,” Darling said.
Darling said the district’s insurance costs went down because of lower claims. He also noted the food service program didn’t lose money.
“Throughout the year we will review these financial figures so we can stay on top of them,” Darling said. “The auditor has looked over all the accounts.”
The board also approved renewal of the sharing agreement with the Twin Rivers School District for the transportation and maintenance positions.
Along with cost savings in the shared positions, the districts have also experienced additional savings through state financial incentives provided over the last few years. The 28E agreement officially commenced July 1, 2012, and would terminate on June 30, 2015.
Humboldt pays 80 percent of the contracts while TR pays 20 percent.
Darling noted how beneficial the sharing of programs has been for TR and Humboldt in recent years.
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