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South Fayette receives clean audit for 2023–24; general fund balance $33 million
Summary
Auditor Steve Niedenberger told the board the district’s 2023–24 financial statements received an unqualified opinion, the general fund closed with about $33 million, and federal spending triggered a single audit with no findings.
Steve Niedenberger, representing HOSA Expect, Mutsu and Wood, told the South Fayette Township School District Board of School Directors that the firm issued an unqualified (clean) opinion on the district’s 2023–24 financial statements.
Niedenberger said the district reported roughly $42.9 million in assets in the general fund and about $10 million in total liabilities and deferred inflows, leaving a June 30, 2024, general fund balance of approximately $33,000,000. He told the board about committed portions of that balance — “a little over $27,000,000” — earmarked for future retirement and health-care increases and capital needs.
Niedenberger also walked the board through key exhibits: the governmental funds balance sheet and the statement of revenues and expenditures. He said general fund revenue totaled about $71.5 million and expenditures about $71.9 million for the year, with a reported increase in the general fund balance of $267,000 for 2023–24. Niedenberger noted the district reported proceeds from a new lease and some sales of fixed assets during the year.
The auditor highlighted other fund types in the report: the food service (proprietary) fund showed a $25,000 decrease in net position driven by long‑term pension and employee‑benefit liabilities, and student activity (fiduciary) funds totaled about $484,000 at year end.
Niedenberger reviewed debt disclosures, reporting about $61.8 million in outstanding bonds at June 30, 2024, $4.9 million in notes payable and roughly $1.9 million in financing agreements (capital leases). He said there were no material accounting‑standard changes that materially altered presentation of the financials for the year.
Because the district expended more than $750,000 in federal funds during the year (about $1.1 million), the audit included a federal single audit. Niedenberger reported a clean single‑audit opinion for the federal programs tested and a clean internal‑control letter with no reportable weaknesses related to federal expenditures.
Board members asked for time to review the document; Niedenberger invited questions and thanked the board at the end of his presentation.
