Florence School District 3 received a clean opinion on its annual general fund financial audit as well as an audit of federal Title I funds and the Elementary and Secondary School Emergency Relief Fund (ESSER).
Adrienne Berg of Mauldin & Jenkins, an independent certified public accounting firm conducting the district's annual financial audit, presented findings on FSD3's $33.5 million budget during a called board of trustees meeting on November 21.
Savings during the 2023-2024 fiscal year allowed FSD3 to add $1,919,054 to the fund balance, bring the total to $10,905,089 after board-approved expenditure transfers from the fund balance.
Ms. Berg noted that the South Carolina Department of Education requires school districts to maintain 8.33% of expenditures in fund balance, while the Government Finance Officers Association (GFOA) recommends a minimum of 16%. As of June 30, FSD3 reported approximately 32% of expenditures in the general fund balance.
Ms. Berg said the district received an unmodified, or clean, opinion based on the financial statements. In addition, there were no material weaknesses or significant deficiencies in internal control, and the auditors reported no non-compliance.
Superintendent Dr. Laura Hickson said she is pleased with the audit results and the district's fiscal policies and systems that allow the addition of over $1.9 million to the general fund balance while providing high-quality educational opportunities to students.