CEDAR FALLS — Cedar Falls Community Schools’ cash reserves continued growth during 2021-22, with a close to 25% increase in funds.
The Board of Education accepted its audit Monday with an unassigned general fund balance that had grown by $1.36 million for the fiscal year ending June 30, bringing it to $7.35 million.
That is 22.7% more than the fund showed at the end of the previous year.
The unassigned fund balance represents money available for emergencies and is often considered a measure of financial stability.
The audit also found Cedar Falls Schools’ long-term debt obligations increased, rising from $117.35 million to $172.94 million. Of that amount, $7.04 million is due by the end of the current fiscal year.
The district is starting to pay the interest on the long term debt after its $69.9 million bond issue for a new high school campus.
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The district is now spending close to $32 million in sales tax revenue bonds issued last May to help fund construction of the new high school. The district’s net pension liability also decreased by $8.94 million to $25.37 million.
Payments made during the year on general obligation and revenue bonds as well as for compensated absences offset those new costs by $13.99 million.
The district is required by the state to show a liability for pension benefits, paid out when staff members retire. Like last year, board president Jeff Hassman reminded the public that it is highly unlikely the state-operated Iowa Public Employees Retirement System will fail.
School districts are required to have an audit conducted by a third party each year. Carney, Alexander, Marold & Co. of Waterloo has completed it for several years, and provides an opinion on the district’s financial statements.
It did not disclose any significant deficiencies in internal controls over financial reporting, and did not disclose any non-compliance which is material to the financial statements.
Ruzicka
“Our responsibility is to express an opinion on the district’s financial statements in accordance with our generally accepted accounting principles,” said Janel Ruzicka, who worked on the audit for the certified public accounting firm.
“We did put in our opinion that the financial position did present fairly well of the financial position of Cedar Falls Community School District as of June 30, 2022,” she added.
Photos and video: Iowa legislators pass governor's private-school funding bill
Iowa Sen. President Amy Sinclair speaks during debate on a bill that would create education savings accounts Monday, Jan. 23, 2023, at the Statehouse in Des Moines.
State Rep. Dave Jacoby, D-Johnson, speaks during debate on a bill that would create education savings accounts Monday, Jan. 23, 2023, at the Statehouse in Des Moines.
State Sen. Eric Giddens, D-Cedar Falls, speaks during debate on a bill that would create education savings accounts Monday at the Statehouse in Des Moines.
State Sen. Molly Donahue, D-Linn, speaks during debate on a bill that would create education savings accounts Monday, Jan. 23, 2023, at the Statehouse in Des Moines.
Spectators in the Iowa House gallery listen to debate on a bill that would create education savings accounts Monday, Jan. 23, 2023, at the Statehouse in Des Moines.
State Rep. Timi Brown-Powers, D-Waterloo, speaks during debate on a bill that would create education savings accounts Monday at the Statehouse in Des Moines.
State Rep. Sami Scheetz, D-Linn, speaks during debate on a bill that would create education savings accounts Monday, Jan. 23, 2023, at the Statehouse in Des Moines.
State Rep. Beth Wessel-Kroeschell, D-Story, speaks during debate on a bill that would create education savings accounts Monday, Jan. 23, 2023, at the Statehouse in Des Moines.
Iowa House Majority Leader Matt W. Windschitl, left, talks with State Sen. Brad Zaun, R-Polk, during debate on a bill that would create education savings accounts Monday, Jan. 23, 2023, at the Statehouse in Des Moines.
Andy Milone
Cedar Falls, Waverly City Government Reporter
I've covered city government for The Courier since August 2021. I'm a Chatham, NJ native who graduated from Gettysburg College in 2018 and previously worked for publications in New Jersey and Pennsylvania.
