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Local News

Lincoln-Way D210's audit shows financial improvement

Lincoln-Way D210 is showing financial improvement.
Lincoln-Way D210 is showing financial improvement.

Lincoln-Way Community High School District 210 received its annual audit of its financial statements at Thursday's board meeting.

Accountants from Wermer, Rogers, Doran, and Ruzon presented the results. The audit shows that D210's financial health continues to improve.

For FY2020, which ended June 30, the district governmental funds reported a combined all-funds-surplus of more than $4.61 million. The district also had an operating surplus of more than $3.97 million.

The district's current fund balance is more than $28 million, compared to last year's which was just over $23.4 million.

All funds — general, transportation, debt services and non-major governmental — all had positive net changes from 2019. Capital project fund was spent down to $0 through the year.

Katie Napier and David Meyer provided the update and Napier said it is important to note that D210 had repaid all current year outstanding tax anticipation warrants.

"That is a great success for the district," she said.

For its short-term debt, the district had $12.9 million in additions this year and had $14.65 million in repayments this year. It had a balance of $1.75 million as of July 1, 2019.

The district's financial standing was also recognized by Moody's financial rating, which upgraded the district's general obligation long-term debt rating from Baa3 to Baa2 and affirmed stable outlook. Baa3 is the lowest investment rating Moody's gives out.

In August, the district adopted a balanced budget for the 2020-2021 fiscal year.

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