Independent auditors present dual opinion; district audit otherwise clean

Mac & Associates presented the district’s FY 2025 audit and explained the firm issued a dual opinion because the district reports on a regulatory basis rather than on generally accepted accounting principles (GAAP). Kate Molton of Mac & Associates told the board, "we have the independent auditors report" and explained the firm issued a modified opinion on the district’s regulatory-basis financial statements and an adverse opinion on a GAAP presentation because the statements are not prepared on a GAAP basis. Molton also said the audit found no material weaknesses or significant deficiencies and no findings of noncompliance for federal programs that would require corrective action. She described a new custodial fund added during the year to hold donations related to a district tragedy and explained that about $4,050,000 previously held as construction in progress for the Administration Building moved to capitalized, depreciable assets when the work was completed in fiscal 2025. Board members asked clarifying questions about the dual opinion and the construction-in-progress reclassification; Molton agreed to improve the explanatory footnote language in the audit report for transparency.