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Board accepts 2024–25 financial audit; auditors report unmodified opinion
Summary
The Livonia Public Schools Board accepted the district's 2024–25 financial statements and received an auditor presentation from Plante Moran, who issued an unmodified audit opinion and noted a draft single audit pending the federal compliance supplement.
The Livonia Public Schools Board unanimously accepted the district’s 2024–25 financial statements on Oct. 20 after a presentation by auditors from Plante Moran highlighting a clean audit opinion and sound fiscal controls.
Superintendent Allison Smith and auditors told the board that the district’s 2024–25 actual revenues and expenditures were within 0.5% of the adopted budget and that the general‑fund ending balance was $31.3 million, about 16.8% of expenditures — inside the Michigan School Business Officials’ recommended 15–20% range. Auditor Stephanie Atkinson said Plante Moran issued a non‑modified (clean) opinion on the financial statements and expected to issue an unmodified opinion on the single‑audit once the federal compliance supplement is released.
"We've issued a non‑modified opinion," Atkinson said. "That means your financial statements are free from material misstatement." Tim (last name not specified), another team member, summarized key figures: general fund assets and liabilities, the district’s reliance on state foundation funding (about 71.7% of general‑fund revenue), and that salaries and benefits comprised about 88% of expenditures.
Trustees asked clarifying questions about the remaining single‑audit step and the role of the federal compliance supplement. Atkinson confirmed the single audit remained in draft pending the supplement; the auditors had received a 30‑day waiver from the Michigan Department of Education to finalize that opinion once the supplement is published. Board members repeatedly commended the finance staff for close budget adherence. Trustee Burton praised the finance department’s work in keeping the budget within a half‑percent of projections.
A motion to accept the audited financial statements was moved by Missus Acosta, supported by Mister Johnson, and carried unanimously on a roll call vote: Johnson, McFarland, Frank, Jarvis, Burton, Acosta and President Bradford all voted yes.
The auditors also reviewed GASB 68 and 75 presentations related to the district’s allocated share of the state pension and OPEB liabilities (MPSERS). The auditors explained that the government‑wide statements show a net position deficit largely because of the district’s allocated portion of MPSERS liabilities; removing those pension/OPEB allocations results in a positive net position on the district’s own operations. The audit materials and the single‑audit draft were presented to the board and placed on record.
No board expenditure or policy decision was made as part of the audit presentation; the formal action was the acceptance vote on the audit report.
