The Minnetonka School District has received a clean audit for 2007-08. Auditing firm Larson Allen LLP completed the Financial Statement audit and gave the District its highest level of assurance.

“During such dismal economic times, it’s extremely encouraging to be in good financial standing,” said Superintendent Dennis Peterson. “It’s due to the District’s financial prudence and careful management that we are in such a position.”

Due to higher than anticipated enrollment, the Minnetonka School District received revenues above projected budget and came within .3 percent of budgeted expenditures. The increase in revenue will be crucial in the coming years as we anticipate a challenging financial climate.

“These additional funds provide us a small cushion as we face what is undoubtedly going to be a very challenging legislative session with a more than $5 billion state budget deficit that is certain to impact school financing,” said Peterson.

“For Minnetonka, maintaining stable District enrollment is vital to maintaining valuable funding. Right now, we’re in a good position and don’t anticipate being faced with staff or program cuts. We feel very lucky to be able to say right now.”

In another financial report, Moody’s reaffirmed the District’s Aa1 Bond Rating. Minnetonka is one of only four school districts in the State of Minnesota to maintain this rating.