Auditor: La Grange SD 102 financial statements fairly presented; single-audit finding noted on reconciliations
Get AI-powered insights, summaries, and transcripts
Subscribe
Summary
Cherry Burkhart auditor Kevin Bissler reported the district’s FY24 statements were presented fairly on a modified cash basis and highlighted fund balances, long-term debt changes and a single-audit finding about reconciliations with the township.
An independent auditor told the La Grange SD 102 Board of Education that the district’s fiscal-year 2024 financial statements were “presented fairly in all material respects” under the modified cash basis of accounting, and he reviewed key balances and one audit finding.
Kevin Bissler of Cherry Burkhart summarized the audited financial statements and management’s discussion and analysis, saying assets and deferred outflows exceeded liabilities by about $35.6 million at year end and that net position increased roughly $1.8 million during the year. Long-term liabilities decreased to about $21.3 million, and the district’s total fund balances were nearly $14.5 million, Bissler reported.
Bissler cited several year-over-year drivers: revenues increased by about $4.8 million—largely property tax collections that had been delayed at the county level the prior year—and expenses rose about $3.5 million, in part because of construction support services and state pass-through amounts for pensions and other postemployment benefits. The general fund had roughly $10.9 million of unrestricted fund balance in the statements that Bissler reviewed.
The auditor also noted one finding in the single-audit section related to timely reconciliation of balances between the district and the township treasurer. “The plan was put into place by management to address that going forward,” Bissler said, and he said he did not expect a repeat comment.
A newly seated board member asked about the timing of the audit issuance: the statements were dated June 30, 2024 and issued in April; Bissler said delays were tied to his firm’s acquisition, changes in personnel and the extra procedures and reconciliations required to resolve the township balances.
Why it matters: The audit provides the board and public with an independent review of the district’s financial position and highlights areas (debt, fund balance, reconciliation controls) that administration and board need to monitor. The single-audit finding concerns internal reconciliation procedures; management told the board a corrective plan is in place.
No board action was taken on the audit presentation at the meeting; the audit was presented for review.