Danbury Public Schools audits reveal material weakness but no major findings

The Danbury School District Finance Committee meeting on February 19, 2025, focused on the progress of the district's audits and financial reconciliations. Key discussions highlighted the completion of the 2023 audit and preparations for the upcoming 2024 audit.

Committee members expressed the importance of having accurate financial data as they prepare to defend their budget. The 2023 audit revealed a material weakness related to a previous cyber incident, but no major findings were reported. The committee emphasized the need for periodic updates on the audit process, given its complexity and time-consuming nature.

Mike, a finance team member, reported on the status of bank reconciliations, noting significant progress. Previously, reconciliations had not been completed for nearly two years, but efforts are now underway to bring them up to date. The team is working closely with an external audit partner to ensure that all accounts, including student activity and grant accounts, are reconciled monthly.

Additionally, the committee discussed the importance of aligning subsidiary records with financial controls. Improvements in bank reconciliations have allowed for more accurate reporting, and the finance team is optimistic about meeting the six-month deadline for the 2024 audit.

Overall, the meeting underscored the district's commitment to improving financial oversight and transparency, with plans in place to prevent future discrepancies. The final report for the 2023 audit is expected to be publicly released soon, marking a significant step forward for the Danbury School District's financial management.