The
Laurel S.D. was recently audited by PA Department of the Auditor General for
the period of July 1, 2012-June 30, 2015. The areas reviewed were: financial
stability, hiring practices, bus driver requirements, and school safety.
Financial
Information
The
Laurel S.D. had a $7.5 million fund balance as of June 30, 2012. The district
has seen that fund balance shrink to $6.8 million as of June 30, 2015. The
school district has also paid approximately $2.5 million in debt service over
the same period of time. As of June 30, 2015 the district debt shrank from
$17.0 million to $14.7 million.
Traditionally,
the Laurel S.D. has had revenues that have exceeded expenditures. However, FY
2012-2013 saw expenditures of $16.9 million exceed revenues of $16.8 million.
FY 2013-2014, revenues of $17.1 million exceeded expenditures of $16.7 million.
Those savings were lost in FY 2014-2015. Expenditures of $18.2 million exceeded
revenues of $17.5 million.
Charter
tuition payments peeked at over $362, 000 in FY 2011-2012. As of FY 2014-2015,
charter school tuition payments were $197,500.
Laurel
has seen revenues grow from $16.3 million in FY 2011-2012 TO $17.5 million in
FY 2014-2015. About 1/3 of all revenue, $5.8 million are local effort. Over
61.7% of revenue, or $11.2 million, comes from the state. Approximately,
$500,000, or 2.8% of the district revenues come from the federal government.
The remaining, less than 1% of all revenue, comes from miscellaneous grants.
Academic
Information
For
2012-2013, the school district had an SPP of 75.2 with a corresponding SPP
Grade of C which was lower than the statewide benchmark of 77.6. For 2013-2014,
the school district improved to 80.1 with a corresponding SPP Grade of B which
was higher than the state benchmark of 77.2. PSSA performance was competitive
with statewide benchmarks.
Laurel
Elementary School had an SPP of 85.3 in 2012-2013 and an SPP of 83.3 in
2013-2014. Both scores exceeded the statewide benchmarks of 77.6 and 77.2
respectively. The elementary averaged over 81% advanced/proficient in math and
over 75% in reading. Again, these scores were higher than statewide benchmark
averages of 74% in math and 73% in reading.
Laurel
Junior-Senior High School had an SPP of 65.0 in 2012-2013 and an SPP of 76.8 in
2013-2014. Both scores were below the statewide benchmarks of 77.6 and 77.2
respectively. The junior-senior high school averaged over 64% proficient in
math and over 72% in reading. Math was significantly below the math benchmark
of 74%, but reading was competitive with the statewide benchmark of 73%. The
junior-senior high school also had a higher 4 year cohort graduation rate of
99.1 when compared to the statewide average of 89.7%.
Findings
For the
audited period, the District resulted in no findings.
The
prior audit of the District resulted in no findings or observations.
The
district is in compliance with relevant requirements. The district has internal
controls
Objectives/Methodology
Based
on an assessment of fiscal benchmarks, the district did comply with all
statutes prohibiting deficit fund balances
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