By Janine DavisRecord Staff WriterAuditors praised the Wright City R-II School District Nov. 21 for the integrity of its financial reporting and compliance with state and federal accounting laws and regulations.The district received an “unqualified opinion” in an independent audit report for the 2012-13 school year.The audit found the school’s financial statements for the last fiscal year were reported fairly and accurately, and that the district has complied with all related laws, regulations and other agreements.The audit for the year ending June 30, 2013, was unanimously approved by the school board at its November meeting.The audit was conducted and presented by Joe W. Leathers, CPA, who examined evidence supporting the amounts and disclosures in the school district’s financial statements. He said that financial statements for the year are free of any material misstatements or errors.“We have given the district an ‘unqualified’ opinion on its financial statements, which is what the district is looking for,” Leathers said. “This means there were no qualifications to the report as far as the financial statements were concerned.”2013 HighlightsThe key financial highlights for the school district are as follows:• ln total, net position for the district increased $2,199,884 to $9,904,338, which represents a 29 percent increase from $7,704,454. Part of this increase was due to refunding bond proceeds ($1,485,000) received during the year.• Among major funds, the general fund had $7,014,291 in receipts and $6,173,501 in disbursements. The special revenue (teachers) fund had a $4,508 balance due to adding the flexible spending and health savings accounts to the district’s financial books. The transfer to the teachers fund for fiscal year 2013 was $0.• All operating funds combined (general and special revenue/teachers funds) had $14,773,846 in receipts and $13,928,547 in disbursements for fiscal year 2013. The operating funds increased $592,152 over fiscal year 2012 which includes a decrease of $253,147 due to the transfer to the capital projects fund.• The debt service fund had $2,066,576 in receipts, excluding the $1,485,000 from refunding bonds and $1,965,120 in disbursements. The debt service fund balance increased from $1,586,457 to $3,099,712.• The capital projects fund had $312,879 in receipts and other financing sources and $544,749 in disbursements. This includes the transfer of $231,131 to the capital projects fund and food service disbursements in the amount of $22,016. The capital projects fund balance, which includes activities related to the bond proceeds fund, increased $21,276 over fiscal year 2012.• General revenues accounted for $16,202,905 in receipts which represent 87 percent of all receipts and sources. Program specific revenues in the form of charges for services ($201,050), operating and capital grants and contributions ($2,234,346) accounted for $2,435,396 (13 percent) of the total receipts and sources of $18,638,301.The audit concluded that the school district complied in all material aspects with key federal and state laws and requirements.“This is a very good audit,” Leathers said. “The staff has been extremely conscientious in reporting and with its internal controls.”The auditors’ full report is posted on the school district’s website.Auditors Praise Wright City School District Finances