New Albany News

School district releases new financial report on website


The New Albany-Plain Local School District's first comprehensive annual financial report is available on the district's website,

"People who are used to reading business and financial statements, this is more in line with that," said Peg Betts, the district's interim treasurer.

Betts said the report, commonly known as a CAFR, was prepared in conjunction with the district's annual audit. CAFRs are used in government financial reporting and by agencies that provide bond ratings.

The CAFR includes many statistics that may interest the community, Betts said, including projected growth, enrollment and current capacity.

It also lists teacher education levels and salary information, including how New Albany's average teacher salaries compare with similar districts and the statewide average. In 2011, for example, the average New Albany teacher earned $65,375, while teachers in comparable districts earned an average of $66,387. The statewide average was $56,715.

The report has charts on costs per pupil in the past 10 years and economic and demographic data on district residents.

The CAFR was audited by Kennedy Cottrell Richards, the same company completing the district's state audit. District officials previously said it was New Albany-Plain Local's first internal audit.

Betts said the cost of the internal audit was estimated at $40,754 and the district has paid $30,123 as of Jan. 14.

Betts said the district's state audit has not been released but she was told by audit representatives no issues were found.

In the recommendations section, Betts said she anticipates the district forming an audit committee to review any issues and recommendations. It would be separate from the district's financial review and reporting committee, which recommends financial practices to the school board.

Betts said the audit committee could include some members of the financial review and reporting committee but it must remain separate from any district financial committee, according to state law.

The district also will release its annual financial report and academic achievement report Feb. 7 at a town hall meeting, said district spokesman Patrick Gallaway. The meeting time has not been set but it will be held at the Jeanne B. McCoy Community Center for the Arts, he said.