Stephens Co. BOE Still Working on Accounting Error

The Stephens County School System continues to try and make sure it has an accurate financial picture to build a budget for next fiscal year after a major accounting error was discovered that dates back to Fiscal Year 2013.

Last week, Stephens County School Superintendent Bryan Dorsey told the Stephens County Board of Education that school system staff had discovered an accounting error of approximately $1.6 million.

Dorsey said that the Board of Education was working with a number of around $800,000 in reserve funds available as it began Fiscal Year 2013.

However, when all was settled, Dorsey said that the school system actually started Fiscal Year 2013 with a deficit of almost $800,000 instead

He said the last reconciliation of the number had been done prior to the start of Fiscal Year 2013.

Now, Dorsey said staff is still working to get all of the financial numbers reconciled and correct up through the current time.

“I know we had pushed through September’s reconciliation, so we are getting closer to being able to have some information concerning our fund balance so we can complete the budgeting cycle to see what we need to be doing in preparing financial stability for our school system for FY 15.”

Dorsey went on to say that the state is also currently doing an audit of the school system’s finances as well.

He said that is also nearing completion.

“(The state is) probably in about the final week and usually a couple of weeks after that, we will get back some preliminary audit report from them,” said Dorsey.

Dorsey has said that the accounting errors and resulting incorrect numbers may cause the school system not to be able to have its Fiscal Year 2015 budget complete by July 1, which is the start of the fiscal year.