District audit finds strong finances, clean single-audit for federal programs

An external auditor told the Minooka Community Unit School District Board of Education that the district’s fiscal year ending June 30, 2025 audit “went well” and showed the district in a strong financial position. The auditor said the district’s testing indicates it “maintains accurate financial records, spent money responsibly, and is in compliance with state and federal regulations.”

The auditor reported that total fund balances rose by nearly $1.7 million from the prior year, from just over $45,000,000 to about $46,700,000. The district’s legal debt limit — based on equalized assessed value — was described as just under $193,000,000, with $36,000,000 in bonds outstanding and a remaining legal debt margin of roughly $156,000,003.65.

The audit report described a projected profile score of 3.9 (on a 1–4 scale), which the auditor said qualifies the district for the “recognition” designation in the Annual Financial Report. The auditor also explained the district meets the single-audit threshold because it spends more than $750,000 in federal funds in a year and that the single audit produced no findings. The auditor said testing of the school nutrition program likewise produced no findings, resulting in a clean single-audit report.

The auditor noted the Annual Financial Report (AFR) is the report the district files annually with the Illinois State Board of Education and that the AFR is due Oct. 15. Board members were directed to the audit materials placed on the meeting agenda under the consent items.

Board members offered brief thanks to district finance staff for the audit results and for the balanced budget materials discussed elsewhere on the agenda.