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Danville CCSD 118 audit returns clean opinions; financial profile drops to '2.65 (warning)'
Summary
Auditor Sikich LLP presented an unmodified opinion on the FY2024 audit and single-audit compliance; the district's ISBE financial profile score fell to 2.65 and moved to a warning designation after capital spending drew down reserves.
The Danville CCSD 118 Board of Education received an audit presentation from Sikich LLP and voted to accept the FY2024 audit, which included unmodified opinions on the financial statements and on compliance for federal programs.
Sikich's auditor reported an unmodified ("clean") opinion on the district's annual financial report and on compliance with laws and regulations tied to federal funding. The single-audit work covering federal awards also produced an unmodified opinion. The auditor said the district spent $23,600,000 in federal awards during the year, with special education (IDEA) programs accounting for roughly 70% of that total.
Key audited figures presented to the board: - Total net position: $58,000,000; of that, $67,400,000 is invested in capital assets and $7,000,000 is restricted. - The general fund ending balance: $19,300,000 (about two months of operating reserves). - General fund decreased by roughly $13,800,000 over the prior year, driven largely by planned capital spending. - Days cash on hand fell from about 130 days to 77 days.
Sikich reported two new internal-control deficiencies that did not rise to the level of material weaknesses: one case of a personal purchase charged to a district credit card that was later reimbursed, and year-end close procedures that required audit adjustments. The auditor recommended reinforcing card-use policies and improving period-end transaction recording.
The Illinois State Board of Education Annual Financial Report (ISBE AFR) showed the district's financial profile score declined from 3.45 to 2.65, placing Danville CCSD 118 in the "warning" designation. The auditor said the decline is largely attributable to the drawdown of fund balance related to large capital projects during FY2024.
The board moved to accept the audit as presented; the roll-call vote recorded unanimous approval.
