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Board accepts 2023–24 financial audit; general fund balance declined to 13.2% of next-year spending
Summary
The board accepted the 2023–24 annual financial report after an auditor presented a clean (unmodified) opinion; general-fund unassigned balance dropped to about 13.2% (policy target 20%), and auditors recorded one routine finding.
CliftonLarsonAllen presented the Stevens Point Area Public School District’s 2023–24 financial audit to the board; auditors issued an unmodified (clean) opinion and recommended no changes requiring a modified opinion.
Amber Danielski of CLA highlighted key numbers: general-fund assets of about $31.9 million (including roughly $20.5 million in cash and investments and $10 million in taxes receivable), total general-fund liabilities of about $14 million, and a combined general-fund year-end balance of about $17.9 million. Auditors noted the district’s unassigned fund balance equaled roughly 13.2% of next year’s expenditures, down from the district policy target of 20%.
District staff and auditors said the decrease in fund balance for 2023–24 reflected higher spending (about $109 million in total expenses) and that overall revenues included about $64 million in state aid and $29.2 million in property taxes; federal grant receipts (including ESSER) totaled about $5.4 million. After transfers and multi-fund activity, fund balance decreased roughly $5.1 million for the year, auditors said.
CLA reported one audit finding (a routine issue commonly seen in the state); staff said the district and auditors review findings annually and that the finding does not change the unmodified opinion. The board voted to accept the audit and also accepted the separate PODS (charter) audit required under DPI grant rules; trustees acknowledged the PODS audit had no unusual items.
Board members asked routine questions and approved the audit reports by voice vote.
