Auditors give Cherokee County schools unmodified opinion; district reports SPLOST receipts above projections
Summary
Finance staff told the board on May 15 that fiscal-year collections and fund balances are in line with expectations, SPLOST receipts are above projections, and independent auditors reported no material weaknesses or federal compliance findings for fiscal 2024.
Ken Owen presented the district’s monthly finance report on May 15 and said the district is on track for the fiscal year: “It’s the tenth month of the fiscal year which means 83% of the fiscal year is finished,” he told the board.
Owen reported that in the general fund the district had received $498,000,000 of $597,000,000 budgeted (about 83.5%) through April 30. Expenditures reported were about $437,000,000, roughly 75% of budget; staff said several recent purchases (instructional resources and devices) were not yet reflected in the published numbers.
On capital and SPLOST receipts, Owen said the building fund balance was $159,600,000 and that SPLOST proceeds received for March were $5,660,000. He said cumulative SPLOST receipts were about $24,800,000 above projections for the period, with total collected of about $167,100,000 against $290,000,000 authorized (about 7.6% above projections). The debt service fund balance was reported at $48,600,000; the next scheduled debt-service payment was reported as Aug. 1, 2025.
Independent auditors Williamson and Company CPAs reported an unmodified (clean) opinion on the district’s basic financial statements for the year ended June 30, 2024, and identified no material weaknesses, significant deficiencies, or federal compliance findings for the major programs tested. “A clean opinion,” auditor Christian Hatch said when describing the report. The auditors also reported no findings in the single-audit work for major federal programs (school nutrition and Title I).
Rating agencies and bond sale: staff noted that rating agencies affirmed the district’s creditworthiness—Moody’s affirmed an AA1 rating—and that the district’s bond issue in January 2025 was purchased by investors “in less than 45 seconds,” language used by finance staff. The transcript did not specify the bond principal amount in a way that could be verified from the meeting record.
Authorities and compliance noted during the presentation included requirements under Georgia and federal statutes for independent audits, the Office of Management and Budget (OMB) guidance for single-audit selection, and a GFOA certificate of achievement for the district’s annual comprehensive financial report. Georgia Department of Education monitoring schedules for federal formula funds were also referenced.
Discussion versus decision: the presentation and auditor reports were informational; no formal board vote or policy change was recorded in the work session on the finance or audit reports.
Next steps: staff said they will continue to present quarterly and annual financial reports and will make supporting reports available to the board for review.
