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Independent auditors give U-46 a clean opinion for FY2024; restatement noted on opening balances
Summary
Lauderbach & Amon LLP presented the FY2024 annual financial report to the U-46 board and issued an unmodified (clean) opinion; auditors and district staff explained a restatement of beginning balances tied to prior accounting and grant recognition items.
Lauderbach & Amon LLP delivered the School District U-46 FY2024 annual financial report to the Board of Education on Jan. 27, 2025, and issued a clean (unmodified) opinion on the district’s financial statements. Auditor Don Shaw said auditors found no issues requiring a modified opinion.
Shaw and district finance staff reviewed highlights: the district’s total portfolio and fund balances, an operating increase in the general fund and a restatement of beginning balances tied to grant recognition and certain payables. The audit report showed a total governmental‑fund balance for the district and noted the general fund ending balance; the audit report and accompanying management discussion and analysis detail the final figures. Shaw said the general fund experienced a net increase in the year primarily because revenues exceeded budget while expenditures came in below budget; a transfer to the capital projects fund reduced the operating increase and left a $95 million net increase for the general fund in the fiscal year.
Shaw said the restatement was necessary after the change in audit firms to align beginning balances and to address variances in accounts payable and grant recognition; the audit package provides a breakdown of the restatement. The auditors provided a small number of recommendations and GASB‑related implementation items; auditors described the year as a clean first-year engagement with four recommendations and one best-practice note related to debt-service budgeting in a bond-issuance year. The district will proceed with the single‑audit process where applicable and continue to work with auditors on final items required for federal grant reporting.
Why it matters: a clean opinion is the highest auditor conclusion and supports the district’s financial reporting credibility; the restatement and recommendations identify areas for staff follow-up to ensure consistent reporting and GASB compliance going forward.
