The Ironton School Board will publish its financial statements to quell fears that the district’s in debt.

Tuesday, December 18, 2001

The Ironton School Board will publish its financial statements to quell fears that the district’s in debt.

Although auditors say the city district’s finances are not as troubled as financial reports might indicate, rumors circulating around town claim the district is in danger of being taken over by the state, board president Kathy McGinnis said.

"Once the general fund is cleaned up, I would like to see the (financial) statements put in the paper, like other financial institutions do," Ms. McGinnis said.

Board members approved a motion to that affect.

Concern about debt or short district funds stems from internal financial statements in the last couple of months, district leaders said.

At last month’s meeting, financial statements were reviewed and it looked like the general fund was in the red, superintendent Steve Kingery said.

Kingery and the treasurer reported last week’s yearly audit by the Ohio Department of Education indicated that the district’s financial statements were not unusual.

Part of prior practices were to take a lot of program funds out of the general fund dollars and then transfer money from those program accounts back to the general fund at the end of the fiscal year, Kingery told board members.

"What Patty (Wade, treasurer) and I would like to do is take the money out of the appropriate funds to begin with," he said.

The district is not $500,000 in the red; it’s a bookkeeping matter, Kingery said.

"There’s a lot of work involved and eventually we will get where need to be."

Board member Robert Pleasant, who attended the meeting with state auditors, said that although there are some financial suggestions the board will consider, the district appears to be in good shape.

Also at Monday’s meeting, the board:

– Discussed the Robert L. Roberts Scholarship Award and another scholarship.

– Reviewed the board policy on borrowed equipment.

– Presented outgoing board members B.J. Hannon and Rayetta Waldo with crystal engravings that honor their service to the board. Their board terms end at the end of the year.