[{"_1":2,"_88":-5,"_89":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6454144,"mediaKeyId","5864706-7666bd732b0dee067a437a558185f7d9","parentId",5864706,"title","Garrett County Board adopts FY2025 annual financial report; auditors cite $7.08M restatement and OPEB liabilities","audioSeconds",1513,"startMs",952000,"endMs",2465000,"viewUrl","/Search/View?dp=1&key=5864706-7666bd732b0dee067a437a558185f7d9&start=952&end=2465","thumbnailUrl","https://assets.pipeline.soar.com/5864706-7666bd732b0dee067a437a558185f7d9/thumbnail_952000.jpg","articleUrl","/articles/6454144/Maryland/Garrett-County-Board-adopts-FY2025-annual-financial-report-auditors-cite-708M-restatement-and-OPEB-liabilities","mediaUrl","https://secure.pipeline.soar.com/6454144-2e80f1aacdcca675ffdfe7681e38db99/orig.mp4?Expires=1771169150&Signature=nAEkLUEH59wqC80PbKNIBUaaRgm~~-yMxcYMpBh97KR-mqVy-7eo9zh3og4NmyJmGkOO38e6lJwB01hxboBM6nd5PEeNEqvaJfF6w6v84XoPUCwNe~yRRkpg89nGO3ONj2px~6bD2kZERMALPYUjSP0Uu22vYmrZG-a4SUxad9mAiFcx4MKhQH6UL13bcS7Vo0l3G1VBQ4SWGQcK1tKTECw1cxeVqSvjSaJxtagmw0A4UlbgsHYYVipAjUYpenMjH3PRoBrtQ9YQWYCKA1-HTdoy5W1DF~WrfLPqDm1PJnMbyRLNmfDkOL6ned9ZCyWIUx9-n-wV-Y3FS06exw3dUA__&Key-Pair-Id=KUT5TJCACFTXG","author","Garrett County Public Schools","date","2025-09-30T08:34:04Z","article","The Garrett County Board of Education on Sept. 29 voted to adopt the district's FY2025 annual financial report, receiving an unmodified audit opinion from Rode Huber Group while auditors highlighted a material, retrospective restatement tied to a new Governmental Accounting Standards Board (GASB) accounting standard for compensated absences.

Ashley (presenting finance staff) told the board she was certifying the financial statements \"provide fair representation\" and highlighted a small increase in the unrestricted current expense fund balance that will provide flexibility for the Bradford project. Auditors from Rode Huber Group said the independent audit resulted in an unmodified opinion. Auditor remarks directed the board to an \"emphasis of matter\" paragraph related to the adoption of GASB guidance on compensated absences, which required a retroactive restatement that decreased the district's net position by $7,082,449.

Lead auditor remarks detailed the accounting effect and other nonstandard items. The new compensated-absences accounting required an actuarial valuation and produced the $7,082,449 restatement recorded in the government-wide statements; auditors said the restatement does not affect the fund-level budgets used for operating decisions. Auditors also reported no significant deficiencies or material weaknesses in internal control over financial reporting.

Auditors and board members discussed other large liabilities. Rode Huber Group confirmed the district's other post-employment benefits (OPEB) liability reported in the notes is approximately $30,000,005.20. Auditors explained the discount rate used in the actuarial valuation (4.81 percent) and noted that because the OPEB plan is not fully funded the discount rate is lower than it would be for a funded plan; raising the discount rate would materially reduce the reported liability but would require consistent funding and a different fiduciary position.

Board members discussed whether to begin regular funding of OPEB to change the actuarial assumptions and lower the liability over time. One board member noted the district had made occasional lump-sum contributions in prior years; presenters said the trust contained roughly $2,300,000 and that the district has historically paid OPEB benefits on a pay-as-you-go basis. Auditors said a contribution policy and working with the actuary could support a different discount rate in future valuations.

The auditors also noted several fund-level audit adjustments and disclosures: approximately $3,300,000 of state payments made \"on behalf of\" the teachers' retirement fund were recorded as noncash adjustments; certain leases were recognized under new accounting methods; and the school construction fund required year-end adjustments to zero the fund balance. The single audit (federal compliance testing) was not issued at the same time because the federal Office of Management and Budget had delayed release of the compliance supplement; auditors said the single audit would be completed and submitted to the Maryland State Department of Education (MSDE) by the Dec. 31 deadline once the supplement was finalized.

The board moved to adopt the annual financial report (excluding the single audit) and approved the report in public session. The motion was seconded by board member Rodney and the board adopted the financial report as presented.

Board members and auditors agreed to consider developing a funding policy for OPEB during the FY2027 budget process, and district staff said they would work with the actuary and return to the board with options.","mediaType","Video","parentTitle","09/29/2025 - GCPS Special Board Meeting","oneSentenceSummary","The Garrett County Board of Education on Sept. 29 adopted the district's FY2025 annual financial report after auditors issued an unmodified opinion and identified a $7,082,449 restatement tied to a new GASB compensated-absences standard.","taxTitle","Garrett County Public Schools, School Boards, Maryland","taxId",55337,"location","Maryland","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6454149,"Garrett County Board approves 25-year solar power purchase agreement for Route 40 Elementary, 3-2",323,1000,324000,"/Search/View?dp=1&key=5864706-7666bd732b0dee067a437a558185f7d9&start=1&end=324","https://assets.pipeline.soar.com/5864706-7666bd732b0dee067a437a558185f7d9/thumbnail_1000.jpg","/articles/6454149/Maryland/Garrett-County-Board-approves-25-year-solar-power-purchase-agreement-for-Route-40-Elementary-3-2","https://secure.pipeline.soar.com/6454149-335f0fc39c94cdd918248d3297fc20b7/orig.mp4?Expires=1771169150&Signature=mmXpEpZbzkPruYYAtR22SjDFwhGphMgaiHxe5Q9rKtRoJy3iFShrb4e-xoJhjGxtGAA0FLZc-7EeYMwkI6gSJjG7tV3i7V9bz3NppHWwMLTzKw1SEE-Pg9XRNO5-7Ma8tT2x35RiLSK1rEUIE~eFGOyWb8R1fphUR5wUWS8W09YjD-1DbZ1zIyV34pRAlFrGrraN4pY0yd33OWpSGNv0IwdLu~MmVP1YWXRSyLSVh9FALKlvcRnWOSCKQCDCoBT27VXggGeUUOgn4jwtTY7XErFBx4auZgQw1LEGGDa9RjED9Afc1TQDedMDz8x~UKNtm0uN7NxyiUS8lLpVG5fKXA__&Key-Pair-Id=KUT5TJCACFTXG","Garrett County Board of Education members voted 3-2 on Sept. 29 to approve a 25-year power purchase agreement with BAI Group LLC for an off-site, ground-mounted solar array to serve Route 40 Elementary School and other district locations.

The superintendent recommended approval of the PPA, which BAI Group presented as a no out-of-pocket-cost arrangement for the district. Sal Ido of BAI Group told the board, “there is no cost, out of pocket for the district,” and described BAI’s role as owning, building, operating and maintaining the solar array and using Potomac Edison’s virtual net metering to apply generated energy to multiple campus locations.

Board members had questions about savings, equipment origin, risk and interconnection. The board asked for and was offered periodic reporting on production and savings; Sal Ido said the company can provide an annual report showing kilowatt hours produced, the cost the district would have paid for those kilowatt hours and a comparison to the projections. Ido cited a first-year savings estimate of about $210,000 and a projected annual production of roughly 3,770 megawatt-hours, saying the PPA price offer is “6.7¢ per kilowatt hour” compared with the district's estimated purchasing rate of “12.29¢” at the aggregated locations.

The superintendent said the project ties to a state grant from the Maryland Energy Administration (MEA) that allowed a more aggressive power‑purchase offer and confirmed the district plans to replace the Route 40 boiler with an electric system. The superintendent said, “We will be placing, replacing the boiler at Route 40 with electric, and we would expect this power purchase agreement, the solar field to actually feed about half of our electric needs throughout the county.”

Board members pressed BAI on risk exposure. Ido said the primary district exposure is performance risk: if the system underperforms, the district would buy electricity at higher rates than projected while BAI bears production risk. He also addressed potential Potomac Edison charges for net metering, saying the company reviewed state net‑metering regulations and had an interconnection approval: “as it currently reads, the general assembly does not allow Potomac Edison to charge you anything for net metering. So it's a 0 cost right now,” he said, while noting the contract includes a standard clause that would assign any future net‑metering charges to the district if state law changed.

On equipment sourcing, Ido said panels for the project would be U.S.-assembled; an earlier plan had panels from Vietnam but he said Chinese-made panels would be difficult to use at present.

Motion and vote: the board moved to accept the superintendent's recommendation to approve the 25-year PPA with BAI Group LLC. The motion was moved by board member Rodney and seconded by board member Jane. After discussion the board chair cast an aye and the motion passed 3-2. The superintendent's recommendation and the formal motion are reflected in the board record.

The project proponents said BAI Group will pursue Potomac Edison interconnection and virtual net‑metering procedures and provide the district with periodic production and savings reports. The PPA, as presented, assigns BAI the responsibilities for construction, maintenance and performance risk for the array and applies produced energy across district accounts via virtual aggregation.

The board noted there were two dissenting votes; no amendments to the PPA were recorded in the public session.","Garrett County Board of Education members voted 3-2 on Sept. 29 to approve a 25-year power purchase agreement with BAI Group LLC for an off-site solar array to serve Route 40 Elementary School and other district facilities.","actionData","errors"]

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Garrett County Board adopts FY2025 annual financial report; auditors cite $7.08M restatement and OPEB liabilities

Garrett County Board approves 25-year solar power purchase agreement for Route 40 Elementary, 3-2