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Audit shows clean opinion; board hears budget effects of $9 million capital reserve move
Summary
Independent auditors issued an unmodified opinion on Elizabethtown Area School District's fiscal year ending June 30, 2024, while district leaders told the board a $9 million transfer to capital reserve altered reported year‑end fund balances and spending comparisons.
An independent audit of the Elizabethtown Area School District for the year ended June 30, 2024, produced an unmodified (clean) opinion, auditor Jacqueline Davidson told the board at the Feb. 11 workshop.
The audit included a single significant deficiency related to documentation and year‑end accruals, Davidson said. District staff have corrected the matters noted and filed a corrective action plan in the audit report.
Why it matters: a clean opinion shows the auditors found the district's financial statements fairly presented under government accounting standards. However, administrators warned that a one‑time accounting treatment — moving district cash into a capital reserve to pay for construction — changed how revenue and expenditures…
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