The Eastchester Union Free School District Board of Education approved the district's fiscal year audit after RS Abrams presented unmodified opinions for both the district-wide financial statements and the extra-classroom activity funds.

Christopher, audit representative with RS Abrams, told trustees that "the good news to report is that there are unmodified opinions for both of those financial statements," and that the statements are "fairly stated" and will be submitted to New York State and posted to the district website. Trustees voted to approve the audit report by voice vote.

RS Abrams highlighted several internal-control and process items in a management letter, including recommendations related to accounts payable, encumbrances, year-end close procedures, capital assets, bank reconciliations and review of journal entries. The auditors said management has been made aware of the recommendations and expects to implement changes. The firm's governance letter also comments on management estimates and corrected misstatements; the auditor said the misstatements were corrected.

On fund-level details, Christopher summarized that the district maintains multiple funds: the general fund (operations and the adopted budget), the special aid fund (federal and state grant activity on a reimbursement basis), the school lunch fund, the capital projects fund (capital work funded by bonds, reserves or appropriations), and a miscellaneous special revenue fund (extra-class activities, scholarships, donations). He noted the district's unassigned/general fund balance is within the state's 4% cap for next year.

The auditor also pointed trustees to the capital projects fund, where a bond anticipation note payable appears on the balance sheet. Christopher said that note reflects the district's current intent to issue long-term financing (a bond issuance) to permanently fund capital projects and that the short-term note balance will be removed once longer-term financing is issued.

Trustees asked no substantive follow-up questions during the public presentation. After the presentation, the board moved and seconded approval of the audit report; the motion passed on a voice vote with all present voting in favor. The approved management and governance letters will be posted with the financial statements.

Votes at a glance
- Motion to approve the fiscal year audit report and findings (RS Abrams presentation). Mover: Christine (Trustee). Second: Jackie (Trustee). Outcome: approved (voice vote, all in favor). Notes: management letter issued; corrected misstatements noted and corrected.

Background/why it matters
An unmodified (clean) opinion is the highest level of assurance auditors give about financial statements and means the auditors believe the statements fairly present the district's financial position. The management letter's internal-control recommendations identify procedural improvements the business office may implement to strengthen accounting processes.

What comes next
The district will post the financial statements and auditors' deliverables as required by state reporting. The board and business office will monitor implementation of the management-letter recommendations in the coming fiscal year.