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Colchester School District audit earns unqualified opinion; food service fund shows $477,001 deficit
Summary
District auditors reported an unqualified opinion on the 2024 financial statements and highlighted an increase in the food service fund’s unrestricted deficit to $477,001 at the school board meeting.
The district’s 2024 financial statements received an unqualified opinion, district auditors told the Colchester School District Board of Education, but the food service enterprise fund ended the year with an increased unrestricted deficit of $477,001.
Rick, the auditor who presented the report, said, “the town of Colchester Colchester School District has achieved an unqualified opinion.” He told the board the 80-page audit includes a user-friendly management’s discussion and analysis and a set of notes that explain balances, debt terms and fund restrictions.
The auditor directed board members to the management’s discussion and analysis for an overview and to the notes for deeper detail. He cited the district’s general fund unassigned fund balance at roughly $3.0 million and said the general fund’s unassigned balance rose slightly from the previous year even though the budget called for using reserves. He also noted the food service enterprise fund’s unrestricted deficit increased to $477,001.27 from a deficit of about $188,930 the prior year and said the district will need to monitor and plan to reduce that deficit over the next few years.
Rick said the audit required no material adjustments to the fund financial statements and that the audit team reported no material weaknesses or significant deficiencies in internal controls. “All entries that we proposed were posted by management,” he said, and he praised the finance team for thorough records and preparation.
Board members congratulated the finance team on the result and asked whether expected bond activity would complicate future audits. The auditor said large bond draws add audit work related to reviewing bond documents, maturities and tracking cash flow but that the district’s current fund balance provides operating flexibility while bond proceeds are managed.
The board did not take a formal vote on the audit report; the presentation concluded with an opportunity for questions and comments.
