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External auditor gives Franklin Regional unmodified opinion; district moves millions into capital reserve
Summary
An independent audit found the Franklin Regional School District’s 2023–24 financial statements presented fairly; the district recorded a roughly $4.7 million increase in general fund balance and is recommending a $3 million transfer to capital reserve and a $1.5 million general-fund commitment for debt-service stabilization.
Mark Turnley, the district’s independent external auditor, told the Franklin Regional School Board on April 22 that the district’s fiscal-year 2023–24 financial statements received an “unmodified opinion,” commonly called a clean opinion, and that compliance testing of the National School Lunch Program turned up no material findings.
Turnley said the district ended the year with about $15.99 million in general fund balance, roughly a $4.7 million increase from the prior year. He told directors much of the increase reflected an internal reclassification: the district closed a separate technology fund and transferred about $2.3 million of remaining technology reserves into the general fund while continuing to earmark those dollars for…
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