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Finance director: district audit clean, reserves above targets; one fund short but corrective transfers planned
Summary
The district reported an unmodified audit opinion, an ending fund balance of 18.4%, and capital reserves above target; the risk management fund was slightly below target but expected to rise after transfers.
Molalla River SD 35’s finance team reported an unmodified audit opinion and solid reserve balances during the board work session, and flagged one fund that will need an intra‑year transfer to meet its target.
The update matters because audit findings and reserve levels are indicators of district fiscal health and affect long‑term planning.
Director Gillard (finance presenter) told the board the audit issued an unmodified opinion — auditors’ language for a clean report — and reported an ending fund balance of 18.4% for the year ending June 30, 2024. He said the district’s capital reserve goal is $250,000 and the current balance is about $510,000. The finance report showed the risk management fund goal of $225,000 currently sitting at $206,000, and Gillard said planned transfers will bring it above the goal.
Gillard also marked one of the quarterly‑review measures yellow because monthly board reports may not match the board’s expectation for the quarterly fiscal practices review; he said he will work with other staff to confirm the intended deliverable.
Later in the meeting, the audit lead (Mr. Campbell) confirmed the audit was “nice and clean” and that IT control recommendations from auditors will be acted on; the finance team plans to update password policy and other cybersecurity controls in response to audit best‑practice recommendations.
Ending: Board members thanked staff and moved to other agenda items; staff said the audit will be on the next business meeting agenda for additional questions.
