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Auditors deliver clean opinion on 2024 finances, highlight fund-balance strength and federal-program risks
Summary
External auditors presented an unmodified (clean) opinion on the district's 2024 financial statements, noting a $2.6 million increase in fund balance, rising personnel costs and attention points for federal programs and pension/retiree-health liabilities.
Mr. Phillips, an auditor with Green & Finney, P.C., told the Pickens County School District Board that the firm issued an unmodified (clean) opinion on the district’s 2024 financial statements after sampling and testing financial activity.
The audit presentation said the district’s unassigned fund balance was about $46.3 million — roughly 28% of 2024 actual expenditures — representing an increase of about $2.6 million over the prior year. “You received an unmodified, which is a clean opinion,” Mr. Phillips said during a slide-driven summary of highlights.
The auditors noted revenue increases overall: general fund revenues were about $155 million, up roughly 8% year over year, driven by state aid (about $6.6 million higher) and local revenue increases (about $5.2 million) related to assessed-value growth and higher investment income. On the expenditure side, total spending rose about 12% (approximately $18.5 million), with personnel costs and benefits cited as the primary driver.
Special-revenue and other funds were summarized: the special projects fund (about 60 grants and programs, primarily federal) had expenditures of roughly $27.1 million; education improvement act funds showed inflows of about $13.3 million (many of which transfer immediately to the general fund); the food-service fund generated about $13.2 million in revenue and $10.2 million in expenditures, increasing its fund balance by about $2.8 million; and the capital projects fund had about $16.8 million available for future projects.
Auditors discussed long-term liabilities linked to statewide plans. The district’s proportionate share of the state retirement plan liability was reported at about $186.4 million and the retiree health insurance plan liability at about $125.3 million; auditors warned those statewide plans are currently funded at low levels and that contribution rates may rise. The presentation also flagged routine audit-area reminders, including internal controls over pupil activity funds and documentation requirements for federal program procurement.
Board members had no substantive objections during the presentation; the auditors closed the summary and asked for questions.
