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External auditor gives district a clean opinion; fund balance remains large as GASB 101 approaches
Summary
CliftonLarsonAllen reported an unmodified (clean) audit opinion for fiscal year ending June 30, 2024, and highlighted a large general-fund reserve. The auditor warned a new GASB standard on compensated absences will raise recorded liabilities next year.
John Trautman, principal with CliftonLarsonAllen, told the Green Bay Area Public School District Board at its Feb. 10 work session that the firm issued an unmodified opinion — a clean audit — for the district's fiscal-year 2023–24 financial statements.
Trautman said the independent auditor's opinion paragraph states "in our opinion, the financial statements referred to above present fairly and all material respects the respective financial position" of the district as of June 30, 2024. He called that a "clean opinion" and told trustees the result reflects internal controls and year‑long accounting work the district put in place.
The auditor directed trustees' attention to the governmental funds balance sheet for the general fund: Trautman read totals and composition aloud and noted that the district closed the year with a multi‑million dollar unassigned reserve. He emphasized the role that reserve plays in cash flow and bond rating, saying that having a strong fund balance helps districts cope with lagging tax and grant receipts and generally supports borrowing terms.
Trautman also previewed an upcoming accounting change under GASB 101 affecting compensated absences. He said the new standard will require districts to estimate and record a liability for employee leave beyond amounts that are currently recorded. "The lift of this is going to be figuring out how many and what's applicable," he said, and added the change "will increase the liability," consistent with experiences in other communities.
Board members asked questions about bond ratings and the timing and work involved in the audit process. Trautman described the management discussion and analysis section as the best single place for citizens to read the report in plain English, and he walked trustees briefly through fund statements and the statement of revenues and expenditures that explain how the fund balance changed during the year.
Trustees did not take action on the audit at the Feb. 10 work session; the presentation was an informational update from the district's external auditor.
AUDIO/TRANSCRIPT SOURCES: Presentation by John Trautman of CliftonLarsonAllen at the Feb. 10, 2025 GBAPS board work session.
