The Adams 12 Five Star Schools' Finance and Audit Committee meeting on December 20, 2024, highlighted a significant achievement in financial oversight: the district received an unmodified or "clean" audit opinion for its annual comprehensive financial report (ACFAR). This clean opinion indicates that the financial statements are materially correct and free from significant errors, providing assurance to stakeholders, including the board and bond rating agencies, about the accuracy of the district's financial information.

The external auditors emphasized their role in reviewing the district's financial data, ensuring that all required disclosures are included and that the financial statements adhere to generally accepted auditing standards. They clarified that while they assess internal controls, their primary focus is on the accuracy of the financial information rather than evaluating the effectiveness of those controls.

In addition to the financial statement audit, the district also underwent a single audit, mandated for entities receiving over $1 million in federal awards. For the fiscal year 2024, Adams 12 received nearly $50 million in federal funding and, notably, did not encounter any findings during this audit. This outcome is particularly commendable given the stringent requirements and methodologies involved in the single audit process.

The auditors reported no material weaknesses or significant deficiencies in their findings, reinforcing the district's strong financial management practices. They did, however, suggest a few IT best practice recommendations, which were not deemed critical but could enhance operational efficiency.

As the meeting progressed, discussions were anticipated regarding the district's fund balance, with the auditors prepared to provide context and insights based on the financial data presented. Overall, the meeting underscored the district's commitment to transparency and fiscal responsibility, setting a positive tone for future financial planning and stakeholder confidence.