Independent audit: Milton’s financial statements receive unmodified opinion; general fund shows $12 million balance

Johnson Block audit manager Hui Meng presented the Milton School District’s 2023–24 financial audit in public session Jan. 27, telling the board the auditors issued an unmodified opinion on the district’s financial statements and found them free of material misstatement under U.S. generally accepted accounting principles.

Hui Meng summarized key figures: the general fund’s total assets were approximately $15.9 million and total liabilities about $3.9 million, yielding a general fund balance of roughly $12 million at fiscal year-end 2024. The district’s calculated unassigned general fund balance equaled about 22% of the subsequent year’s general fund budget, comparable to last year’s ~20% figure.

The audit packet covered government-wide financial statements, fund financial statements, notes, required supplementary information (including the district’s budget-to-actual schedules and OPEB/Wisconsin retirement disclosures) and other supplementary reports. The auditors noted areas reviewed with management, including capital-asset capitalization thresholds and the implementation impact of a forthcoming government-accounting standard that will affect compensated-absence calculations.

The report also summarized debt information: the district’s outstanding general-obligation debt is roughly $45 million, described in the presentation as about 50% of the district’s statutory capacity under state limits. The auditors described general fund expenditures as under budget overall by about $1 million and special-education fund expenditures under budget by about $112,000 for the year.

Board members asked clarifying questions about debt and fund balances. Hui Meng confirmed the audit findings and answered procedural questions about the audit document layout and required certifications.

Speakers quoted in this article are drawn from the Jan. 27 meeting transcript and the auditor’s presentation materials.