However, due to the successful passing of Proposition E, the District is projected to have approximately a $2.9 million surplus and grow the fund balance to approximately 20%, which is 2% above the 18% fund balance goal. Historical revenues, expenses and fund balance from the last tax levy (2003) and projected for the next five years are presented below.

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Reporting

Every district within the state of Missouri is required to file an Annual Secretary of the Board Report (ASBR) with DESE by August 15 of each year. The District submits this report for all governmental funds on the cash basis of accounting, which is a comprehensive basis of accounting other than generally accepted accounting principles (GAAP). The cash basis is used to enable the District to more accurately compare itself to other districts since the majority of the districts within the state of Missouri report on the cash basis of accounting.

In accordance with RSMo 165.121 and Board Policy DIE, every district within the state of Missouri is required to file audited financial statements with DESE by December 31 of each year. The auditor’s management letter and a copy of the Board minutes indicating approval of the audit report must also be submitted to DESE. The District’s audited financial statements are prepared and audited in accordance with GAAP.

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FINANCIAL SECTION

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Actual Revenues, Expenditures and Balances 2017-2018 39