By Nathan Prewett
LEEDS – The Leeds Board of Education heard a 2020 fiscal year audit report concerning the school system’s revenue and finances at a regular meeting on Tuesday, July 13.
Among the highlights of the report were that cash and cash equivalents was $3.6 million and property taxes receivable of $4.3 million by the end of 2020. The regular receivable was $668,000 and inventories, such as child nutrition items, was at $44,000. Total assets were $67.8 million.
Total liabilities were at $75 million. The total net position was negative $14 million but the report stated that this is common among school boards throughout the state. $8.7 million in revenue came locally, helping to reduce any deficit that had accrued. The general fund was found to have $6.7 million in assets.