Alan Wofford, partner at the Bonadio Group, told the Niskayuna Central School District Audit & Finance Committee on Oct. 10 that the firm will issue an unmodified opinion on the district’s 2024–25 financial statements.

Wofford said the auditors found no internal control or compliance findings and that the district’s unassigned general-fund balance—about $4.6 million—meets the New York State guideline of roughly 4 percent of next year’s budget. He also told the committee that a separate single-audit, required because the district spent more than $750,000 in federal funds, is not yet complete because the Office of Management and Budget has not issued a final compliance supplement.

The district’s school-district-wide statements show a net position deficit attributable largely to long-term liabilities, Wofford said. As of the June 30 fiscal year end, the audit presentation summarized key balances including total current assets of about $68.5 million, long-term liabilities of about $191.5 million and an other postemployment benefits (OPEB) obligation of roughly $142.3 million. Wofford explained that recognizing the full OPEB obligation under full-accrual reporting produces a deficit net position on the school-district-wide statements even though the district’s fund-basis financial position is positive.

Wofford reviewed the fund-level results that most directly affect the budget: the district’s combined fund balance was about $21.4 million, with the general fund at roughly $21.2 million. The capital projects fund showed a temporary deficit of about $1.3 million that Wofford attributed to outstanding bond anticipation notes of approximately $35.9 million; he said that deficit should be removed as those notes are redeemed or converted to long-term debt. On budget-versus-actual, the district had a favorable overall budget result of about $3.0 million for the year, Wofford said.

On timing, Wofford told the committee the financial statements will go to the full board for approval at its next meeting and that the district will submit the statements to the State Education Department by the Oct. 15 deadline. He said the single-audit reports are due nine months after the fiscal year end (March 2026) and will be completed when the OMB issues the final compliance supplement.

The committee did not vote on the audit report at the Oct. 10 meeting; Wofford closed by thanking district business-office staff for their cooperation during the audit.