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District outlines independent audit schedule and Act 1 budget timeline ahead of fall deadlines
Summary
Finance staff described the district’s audit timeline — including fieldwork, report submission and the federal single-audit schedule — and reminded the board that the Act 1 budget process will start in September with a preliminary state base index of 3.5%.
Cheltenham School District staff described timing for the independent fiscal audit and documentation the district must submit, and reviewed the Act 1 budget timeline for 2025–26.
Mr. Swagger said the district will solicit audit services via RFP in the spring when the audit contract expires, that auditors typically perform transactional testing in July and complete fieldwork in September–October, and that a draft financial statement will be used to submit the annual financial report to the state (due Oct. 31 with an almost automatic 30-day extension to Nov. 30). “By April, the federal government requires us to submit our single audit or federal audit program to the Federal Audit Clearinghouse,” Mr. Swagger said.
The nut graf: staffing shortages for auditors have lengthened scheduling times; the district is awaiting its 2024 audit completion from its current auditor, which was acquired by a larger firm. Staff said auditors usually present findings to the board in February or March after the audit is complete.
On the Act 1 timeline, staff noted the state’s preliminary base index release of 3.5% and that the district will receive its Act 1 allocation by Sept. 30. Staff said the 2025–26 budget process starts in September and concludes with budget adoption by June 30.
Board members asked about auditor presentations; staff replied that auditors present findings in late winter after the audit is finalized. No formal audit contract award occurred at the meeting; staff said they will provide updates when the fieldwork schedule and final reports are available.
