MPS 2019-2020 fiscal audit in ‘good standing’

Mustang Public Schools’ Board of Education approved the financial audit for fiscal year 2019-2020 at the Monday meeting.
The audit, which was performed and presented by the district’s independent auditors, certified public accountants Bledsoe, Hewett and Gullekson, was determined to be ‘good.’
However, Eric Bledsoe encouraged the district to make some improvements in the future.
While many Oklahoma school districts do not know what everything on their campuses are worth, Bledsoe recommended that MPS look into doing that. An asset tracker ensures effective location of items, as well as insurance knowledge, he said.
As of now, the technology department tracks their equipment and all departments that receive anything $2,500 or more record theirs, as well.
“In order to do this right … we must go in and hire an outside appraisal company to come in and do that one baseline work for us and then have an inventory software that will address this,” said Chief Financial Officer Nancy McKay.
Bledsoe said it is not a cheap route to go by any means, but it is still encouraged.
Some other long-term goals the district can aspire to complete include adding a finance management professional to help McKay.
“You all have an amazing CFO,” said Bledsoe.
“I mean, she probably knows more about school business and finance than anybody else in the state.”
However, Bledsoe said McKay is completing day-to-day tasks that someone else could do to alleviate her workload.
In other audit news, MPS did cut into its fund balance for $5.5 million, as the district spent more than what was collected, however, Bledsoe said it was to be expected since MPS is constantly growing. The fund balance went from $17 million to about $11 million.
The auditor also said the district is in compliance with their special education and Title One federal grants, as MPS has “good internal control in place.”
Additionally, Bledsoe said sponsors in charge of fundraisers for activity funds are doing well for students.
In more financial news, McKay reported the district was cut $3 million in state aid. MPS is also down about $2 million from oil and gas production.
The decline in student enrollment from 18,000 to about 17,700 students has also negatively impacted the district, McKay said. While some students are returning to MPS from charter and private schools, the money that left with them does not return to the district.
McKay said they have been working with legislators on changing that.

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