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Serving Northern St. Louis County, Minnesota

Vermilion Country School showing healthy fund balance

Marshall Helmberger
Posted 12/20/18

TOWER— The Vermilion Country School, a grades 7-12 charter school, continues to show financial growth according to the school’s latest audit report, produced by the Abdo, Eick & Meyers auditing …

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Vermilion Country School showing healthy fund balance

Posted

TOWER— The Vermilion Country School, a grades 7-12 charter school, continues to show financial growth according to the school’s latest audit report, produced by the Abdo, Eick & Meyers auditing firm.

The school, now in its sixth year of operation, has enjoyed consistent budget surpluses despite its small size, with current enrollment in the low 40s. In the most recently completed school year, which ended June 30, 2018, Vermilion Country posted total general fund revenues of $690,235, with total expenditures of $619,378.

That left a general fund surplus for the year of $70,857. The school continues to maintain a modest deficit in the food service budget, which amounted to $29,703 in the last school year. That left a total budget surplus for all accounts of $41,154, bringing the school’s unreserved general fund balance to $175,303, or about 28 percent of its total budget. On a percentage basis, that’s well above the unreserved fund balance of most other school districts in the region.

The audit report did note that the school would benefit from higher enrollment, since the bulk of funding for the school is based on its student count. “Student enrollment is a constant concern,” notes the report. “At the time of this report enrollment is at about 40 students which is consistent with fiscal year 2017. This number is quite a bit lower than desired and causes stress on budgeting especially staffing. Fifty-five students would be a much better number with 65 making a thriving school.”

The project-based charter school is open to all students and is a public school that requires no tuition and provides free transportation for students within a 25-30 mile radius.

Right: VCS students enjoy roasting marshmallows on a bonfire during holiday week activities.