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Independent auditors give Beloit district ‘clean’ opinion; general fund balance below board target
Summary
Lauterbach & Amen presented the district’s fiscal‑year 2023‑24 audit on Feb. 18, issuing an unmodified (clean) opinion but noting an unrestricted general fund balance below the board’s 18% target and a restatement increasing net position after a fixed‑asset adjustment; auditors recommended monitoring debt service and fund balance targets.
Brad Porter of Lauterbach & Amen presented the School District of Beloit’s independent financial audit for fiscal year 2023‑24 at the board meeting on Feb. 18. The firm issued an unmodified ("clean") opinion on the district’s financial statements but identified a few management‑letter items for board attention.
Key findings: The auditors reported an unmodified opinion and no internal‑control findings. They also noted a restatement to correct capital asset records that increased net position by about $1.15 million. Auditor commentary highlighted that the district’s…
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