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Auditors issue clean opinion on FY24; district financial profile score dips slightly
Summary
External auditors delivered an unmodified opinion on the district's FY24 financial statements with no findings; the district's ISBE financial profile score fell from 3.7 to 3.45, which staff said reflects spending down fund balance and expected one‑time investments.
The district’s external auditors presented the fiscal 2024 audit to the board on Jan. 27 and issued an unmodified (clean) opinion on the financial statements, reporting no audit findings or internal control deficiencies.
Sheridan Jurgensen, an audit partner with the firm engaged by the district, told the board the audit found the financial statements free from material misstatement and that district records were in good condition. The audit team noted the district performs its own year‑end accruals, which auditors said improved the readiness of the records.
The audit report showed a net decrease in governmental activities and fund results for the year. The auditors reported a $2.5 million decrease overall, with an increase in the transportation fund of about $3.4 million and other movements including IMRF liabilities; the general fund showed a larger decrease that, after transfers and other items, contributed to the year’s net change. The auditors also completed required testing of federal awards (the child nutrition grant) and reported no findings for federal compliance testing.
The Illinois State Board of Education (ISBE) financial profile included in the district’s AFR was reported to have dropped from 3.7 last year to 3.45 this year. District staff said the score decline was noted in the audit transmittal materials and that it reflects higher operating expenses relative to revenue in the most recent year; they told the board this pattern is common across districts that are spending down accumulated fund balances on one‑time projects and said they expect the score to rebound next year. The administration plans to publish explanatory comments alongside ISBE’s release to provide context for the community.
The board voted to accept the FY24 audit as presented.
