Bob Kaufman, a manager with CliftonLarsonAllen (CLA), told the Council Rock School District Finance Committee on Sept. 11 that the district’s audited 2023–24 financial statements contained “no material misstatements,” and that auditors identified no adjustments that required board communication. Kaufman said a new accounting standard for correction-of-error reporting was implemented for the audit but that it “had no impact on the statements this year.” He also warned of an upcoming standard related to compensated absences that staff should monitor.

The district’s general fund balance has risen since 2022, Kaufman said, in part because of a large transfer into the capital projects fund to support a five‑year facilities plan. Kaufman summarized the district’s fund balances as approximately $30 million in total—roughly six weeks to two months of expenditures, depending on the benchmark—while capital projects retained about $15 million “to complete the term for future projects.” He described revenues exceeding budget in 2023–24 driven by better‑than‑anticipated economic activity, higher interest rates and improved collection of earned income tax (EIT) through a third‑party vendor.

Committee members asked about timing of future audits. Kaufman explained that CLA expects an organized schedule: fieldwork of roughly two weeks, followed by partner review and quality control, with an overall eight‑week flow from start to finish if the schedule is followed. He said CLA has government‑sector expertise and additional staffing capacity intended to improve timeliness after the district’s prior vendor transitioned out of governmental audit work. Kaufman cautioned that federal single‑audit work could require added testing if federal compliance guidance (the single audit compliance supplement) changes before finalization.

No formal board action or vote on the financial statements was recorded in the finance committee discussion during this meeting.