The Lanesboro School Board reviewed the district's 2011-2012 audit report during its meeting Thursday night.

Accountant Pam Ristau highlighted some of the key numbers and said the district has been on top of everything. "There has been a decrease in the fund balance, but you are such a strong district overall and you don't have any worries," Ristau said.

For the fiscal year ending June 2012, the district's total revenues were $3,137,098 and its expenditures were $3,404,375.

The fund balance of June 30, 2012 was $3,494,992.

"A lot of districts your size have a fund balance of less than $100,000," Ristau said.

Ristau said one of the reasons the district took a loss was because they have been working with more community service and daycare salaries.

"Federal funding has also gone down," Ristau said.

She said the district may need to transfer general funds into different areas, just in case the state decided to penalize the district for its surplus.

"I know that has been threatened in the past," Ristau said.

The district is on schedule to pay off two bonds, one in 2014 and the other in 2019.

"You guys are still running a good, strong district," Ristau said.

Other business

During the meeting, the school board also approved contracts for boys basketball head coach John Smith and assistant coach Chris Hanson. Contracts for junior high boys' coaches Cody Hungerholt and Brett Klaehn were also approved. Head coach for girls' basketball will be Kelly McMillen and assistance coach will be Gina Klennert. Girls' junior high coaches will be Jared Pierce and James Semmen.

For the past several years school has been dismissed at 11:32 a.m. the day before Christmas Break. The board approved a resolution to do the same this year.

The board plans to hold a tax hearing during its regular meeting on Dec. 20.

While it was not her last meeting, the board thanked Sara Baskett for her contribution to the school board. She has served on the board for four years. Board member David Lawstuen was re-elected and Terri Scott and Christine Troendle will be new to the board.