LITTLE FALLS -- The Little Falls School Board learned from the 2002-03 audit report Monday that the district is close to being out of statutory operating debt.
Tom Koop and Mike Lyonais of Larson Allen told the board it has made significant progress in recovering from debt since it was declared in 2000. In the past two years, the district has reduced the debt by more than $900,000 and is within $98,000 of being out of debt.
"You have established a positive trend," Koop said. "Expenditures for the past two years have been less than revenues, which means that the fund balance will continue to build back to a positive level. If student counts continue to meet expectations, you should be out of SOD sometime this year."
Koop said once the district regains its financial health it must establish a positive fund balance and then build on having a 5 percent fund balance or more.
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