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Livingston Parish School Board accepts audit showing improved net position, two management comments
Summary
The school board accepted the audited financial statements for the year ended June 30, 2024. The auditor reported no material weaknesses, noted two management letter items and an unrecorded subscription-based arrangement with a $595,000 government-wide effect that was deemed immaterial.
The Livingston Parish School Board accepted the audited general purpose financial statements for the year ended June 30, 2024, after a presentation from the audit presenter and a voice vote approving the report.
The auditor told the board the report was issued on Dec. 30, 2024, and that the audit found no material weaknesses in internal control but included two management-letter comments. "We did not identify any material instances, non compliance, with any laws or regulations," the auditor said during the presentation.
The audit presentation summarized key accounting estimates and disclosures, including the district's net pension liability (about $268–269 million, reported in note 9) and other postemployment benefit (OPEB) obligations (see note 11). The presenter said the district's government-wide net position has improved over five years, from a negative approximately $274 million to about negative $99.2 million, reflecting both additional funding and changes in actuarial assumptions.
The auditor also reported one unrecorded (uncorrected) item tied to subscription-based information technology arrangements (described in the report as SABAs) that would have produced a roughly $595,000 effect on the government-wide statements; management chose not to record it because it was not considered material. The two management-letter items reported to the Legislative Auditor were (1) missing or informal written IT policies and periodic user-access reviews for some smaller applications and (2) reimbursements/withdrawals: roughly $29,000 in reimbursements for baseball equipment and supplies that were not received or used and some bank withdrawals that were subsequently recovered and reported.
During the meeting, Mister Frizzell moved to accept the audit report; Mister Link seconded. The board approved the motion by voice vote.
The auditor reiterated that audit opinions provide reasonable, not absolute, assurance and that accounting estimates such as depreciation, pension and OPEB liabilities are sensitive to future events and assumptions. The presenter noted an upcoming accounting standard affecting compensated absences that may increase that liability in future reports.
Board discussion after the presentation praised the report and the audit team's work. No board member raised additional questions about the report's findings before the motion to accept passed.
