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Hernando Today

Financial Audit Is 'Clean'

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By TONY MARRERO

Hernando Today

Published: December 20, 2008

BROOKSVILLE - The Hernando County school district is keeping good financial books, a state audit has found.

Auditor General David Martin's office, in conducting the audit for the fiscal year ended June 30, found no deficiencies or weaknesses in the district's financial statements and internal control policies.

The district also is appropriately using federal money for special education and technology, auditors concluded.

"We're clean," finance director Debbie Bruggink said.

A team of auditors spent some five months analyzing the district's financial statements, transactions and receipts, payroll records and capital expenditures, among other data.

The audit showed a little more than $317 million in net assets - an increase of $44 million, or 16 percent, over last year - and some $237 million in liabilities.

The district's unreserved fund balance came in a little more than $6 million, or 3.7 percent of its total general fund. It's the money the district can use at its discretion, and the district has been warned by auditors in previous years not to let it fall below 3 percent.

The rainy day fund is a dynamic one, however, and Bruggink expects the number to take a hit and then possibly bounce back again.

The district is dipping into the fund for some $2.1 million for teacher raises, which will bring reserves to 1.2 percent of the overall budget. The special legislative session on the state's budget is not expected to bring good news to educators, who have been told to expect some $500 million in cuts.

However, Bruggink said the precipitous drop in gas prices and the district's continued efforts to improve efficiency are among factors she hopes will help keep Hernando's reserves at a respectable level.

Superintendent Wayne Alexander was out of the office Friday and could not be reached for comment.

Reporter Tony Marrero can be reached at 352-544-5286 or lmarrero@hernandotoday.com.

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