School District Achieves Clean Audit with $2M Surplus and Strong Financial Health

The Wilson School District celebrated a significant financial milestone during its board meeting on December 16, 2024, as the annual audit report revealed a clean bill of health for the district's finances. Megan Thompson from Herbein and Company presented the findings, highlighting that the district received unmodified opinions on both its financial statements and compliance with federal programs, indicating no deficiencies or non-compliance issues.

The audit showcased a robust general fund surplus of $2 million for the 2023-2024 fiscal year, attributed to higher-than-expected local revenues and effective expenditure control. Notably, the district's total expenditures were $2.5 million under budget, contributing to an ending fund balance of $34.7 million. Of this, $25.7 million is earmarked for future commitments, including retirement rate increases and equipment purchases, while $1 million is set aside as a budgetary reserve for the upcoming year.

The district's financial health extends beyond the general fund, with both the childcare and food service enterprise funds reporting surpluses of $462,000 and $1 million, respectively. This positive financial outlook positions the Wilson School District favorably for future initiatives and ensures compliance with its policy to maintain reserves above 3% of budgeted expenditures.

The board expressed gratitude for the diligent work of the financial department, acknowledging the successful management of the district's finances and compliance with federal standards. The meeting underscored the district's commitment to transparency and fiscal responsibility, setting a strong foundation for the upcoming year.