Fulton Public Schools received a clean bill of financial health following the 2017-18 annual audit.
"Basically, they say we've spent $23 million in an appropriate fashion," Superintendent Jacque Cowherd said.
Amy Watson, of CPA firm Gerding, Korte and Chitwood, presented the audit report during Wednesday evening's FPS Board of Education meeting.
"It was another good audit," she said. "We appreciate the district's staff being so accommodating."
She said the firm was easily able to access all documentation and communication flowed smoothly.
"There were no scope impairments, which means we received full documentation and cooperation," she said.
During the 2017-18 fiscal year, the school received $23.4 million in funding from local, county, state and federal sources. That total was $401,332 more than the previous year, according to a FPS document included in the audit report. The biggest increase was in local revenue, which leapt by $338,172. The document attributes the increase to Proposition C sales tax receipts and ad valorem tax receipts. County revenue decreased by $976, largely due to fewer fines being collected.
Of the total revenue, about 51 percent came from local and county sources, 38 percent from the state and the rest from federal sources.
"Those percentages are consistent with the previous year," Watson said.
On the expense side, operating expense increased by approximately $1.1 million, or 5.46 percent, compared to the previous year. The district attributes that to increased salaries and benefits, plus the addition of staff.
Expenditures in the general fund increased less than initially expected. The district originally projected a general fund deficit of revenues to expenses amounting to $455,803, but ended the fiscal year with a surplus of $15,037, thanks to the unexpected extra ad valorem tax revenue.
Because the district received more than $750,000 from federal sources, the audit also looked into how that money was spent. Federal funding supports program such as grants, early childhood special education and several food programs.
"We found no material weaknesses or significant difficulties regarding your federal funding," Watson said.
The same went for the $8.8 million in state funding.
Watson noted a different CPA firm audited the Fulton Public Schools Foundation.