Brainerd School Board Finance Committee members recommended board approval of the 2009-10 fiscal year audit, prepared by the district's auditors, Larsen Allen.
Tom Koop and Mary Ready of Larsen Allen provided a summary of the audit results to board members Wednesday.
The district's total revenues were $81.4 million as of June 30, 2010. Property taxes and state formula aid accounted for 59 percent of total revenue for the year while another 26 percent came from other program-specific federal and state aid.
Total expenses surpassed district revenues, decreasing its net assets by $786,804 from the year before.
District expenses primarily were instruction related, or 61 percent, while other expenses included student support services, 12 percent; maintenance, 11 percent; food and community services, 8 percent; administrative, 2 percent; and other, 6 percent.
According to the audit, student enrollment, as calculated by average daily membership, increased by .31 percent in 2010, up from 6,618 students in 2009 to 6,639 students in 2010. In 2009 the district experienced a 3.99 percent decrease in student enrollment.
Total general fund revenue decreased by $2.7 million, or 3.8 percent, from the previous year. But federal stimulus funding did replace a significant portion of state funding reductions. State funding sources dropped from $55.8 million on June 30, 2009, to $48.7 million on June 30, 2010 - a 12.7 percent decrease. Federal funding sources increased from $4.7 million on June 30, 2009, to $10.4 million on June 30, 2010 - a 119.2 percent increase.
The audit results found no instances of noncompliance that are required to be reported.
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