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Auditors give Littlestown Area School District a clean opinion; no federal compliance findings
Summary
External auditors reported a clean (unmodified) opinion on the district’s financial statements and found no compliance findings in the single-audit of federal funds, including ARP/ESSER. Auditors highlighted increases in cash and capital-projects balances tied to newly issued GOB proceeds.
External auditors told the Littlestown Area School District Board of Education that the district received an unmodified (clean) opinion on its financial statements and that the federal single-audit produced no findings.
The auditors’ presentation, given by Derek Schrader of the audit team, said both the financial-statement audit and the single-audit were filed on time. “Both of them filed appropriately with the place that they needed to be filed with the state and also the Federal Alliance Clearing house. Both of those things were done timely,” Schrader said during the meeting.
The auditors emphasized several key figures to explain the district’s financial position. An auditor on the team, Kayla, said the government-wide net position for governmental activities was about $20,000,000, an increase of about $4,000,000 from the prior year. On the fund basis, total governmental fund balance was reported near $36,000,000, an increase of about $13,000,000 from the previous year; the increase was largely attributed to newly issued general-obligation bond (GOB) proceeds held in cash in the capital projects fund. Kayla said, “our opinion was clean, and you can see that on page 1 of the report.”
The auditors explained differences between government-wide (full-accrual) and fund-level (modified-accrual) statements, noting that items such as pension and OPEB affect the government-wide deficit but do not appear in the governmental fund statements. The audit team also described an increase in cash (noted in the presentation as roughly $17,000,000) that the auditors said is partly due to the new debt issuance that has not yet been spent.
The team reported that the single-audit covered federal programs including American Rescue Plan (ARP) and ESSER funds; auditors reported no compliance findings for those federal funds. The presentation noted there were no material misstatements identified in the financial statement audit.
Board members asked procedural questions about where to find the reports; the auditors said printed copies were available in the district office lobby and that financial statements are posted on the district website under the Business/Finance and Operations section.
The auditors offered to accept follow-up questions by phone or through the district’s staff liaison.
Ending: The audit presentation concluded without recommended audit findings. District staff and the audit team said they would supply board members follow-up detail on request and update the public posting on the website if additional schedules become available.
