District 128 audit returns clean opinion; finance staff outline long-term capital plan and state law change
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Summary
An independent auditor issued an unmodified opinion on CHSD 128’s fiscal year financial statements; district staff presented a five-year capital plan and said a recent state law change could expand funding options.
An independent accounting firm told the Community High School District 128 board on Monday that auditors issued an unmodified (clean) opinion on the district’s fiscal-year financial statements and related reports.
Betsy Allen, partner at Miller Cooper, summarized the audit and supporting deliverables, saying the district’s annual comprehensive financial report (ACFR), ISBE regulatory form and single-audit package were completed and filed. Allen said the firm found no unusual transactions, no difficulties with management and no management letter was necessary for fiscal 2024. “We did issue a clean, unmodified opinion,” Allen said.
The audit presentation matters because Illinois law and State Board of Education rules require an annual independent audit and related filings. Allen noted the district’s financial profile score was a 4, the highest category in the state’s calculation, while also warning the profile metric can be volatile depending on accounting treatments such as property tax recognition.
District staff also presented a long-term capital plan that lays out projected needs over the next five years and beyond. Dan (district staff) said the plan includes placeholders out to 2050 to help future planners, but cautioned the district will not have funds to immediately complete all listed projects. “The reality is we won't have enough funds to pay for all of those things,” he said, and highlighted replacement of HVAC systems as the largest near‑term driver of cost.
Dan said a recent change in state law (details to be shared at a future meeting) could expand the district’s access to funding for capital needs, but said it is not a statewide funding appropriation or referendum-level source; he promised details at a later meeting.
The auditor also flagged technology and data-security as a recurring observation and recommendation for continuing attention, but did not identify any material weaknesses. Allen thanked district staff for cooperation and timely responses that allowed the audit to be completed on schedule.
Board members did not take formal action on the audit at the committee meeting; staff said one audit-related item will be brought to the full board for a vote later in the month.
The district will file its ACFR with national awarding organizations for certificates of excellence and maintain work on GASB-related standards that will affect future reports.