The external auditors for the Ossining Union Free School District issued an unmodified (clean) opinion on the district’s financial statements for the year ending June 30, 2024, and reported no material weaknesses, the district’s audit presentation showed.

In a summary presentation to the Board on Jan. 22, Alan, partner with PKF O’Connor Davies, said the firm "issued an unmodified opinion," and found that the district’s financial reporting was prudent. He told the board there were no material misstatements, no instances of suspected fraud, and the auditors encountered "no material weaknesses." The audit also recorded two management comments related to inactive student activity accounts and three deposits that were made late against a 72‑hour deposit expectation.

The nut graf: the audit confirms the district closed the year with a modest operating surplus and reserves in place to support upcoming capital work, but trustees and staff discussed how state aid variability and the timing of capital transfers will shape the 2024–25 budget.

Most important facts first: the auditors reported the district recorded a positive net change in fund balance of about $1,242,000 for the year, and the district appropriated about $5,000,000 of unassigned fund balance to help balance the 2024–25 budget. The audit papers reviewed transfers out totaling about $17.6 million, most of which were moved to the capital projects fund and to debt service to pay outstanding bonds.

Alan and staff attributed the year‑over‑year revenue increase largely to higher state foundation aid and stronger interest earnings on the district’s cash: auditors said state aid was roughly $10.8 million higher than the prior year and interest income rose by about $1.7 million. On the expenditure side, the audit notes increased spending on approved programs for students with disabilities (about $3.0 million) and higher employee benefit costs (about $4.0 million), which together explained much of the spending growth.

Board members asked auditors to explain how the district’s unassigned fund balance relates to New York State guidance. Alan said the district’s unassigned fund balance equals roughly 4% of the 2024–25 adopted budget and that the district is at the commonly accepted statutory guideline for unassigned fund balance. "If you take your original adopted budget for 2024–25 and you divide the unassigned fund balance by that amount, it'll be exactly 4%," he said.

The audit included recommended clean‑up items for internal control: several inactive extracurricular accounts should be closed or reallocated; three deposits were made later than local practice and New York State guidance suggests deposits be made within 72 hours. Alan characterized those items as control efficiencies rather than material weaknesses.

Background and context: auditors said staffing shortages in the district’s business office delayed the fieldwork and report timing, but once the district’s new treasurer, Anthony Clark, and other new finance staff engaged, the audit proceeded and the report was issued in early January. Alan thanked Clark and the district bookkeeping staff for their cooperation during the audit.

Board reaction and next steps: trustees asked staff about how the district will use the surplus and reserves while staying within levy and fund‑balance rules. The treasurer and business office staff said the district will continue to appropriate limited amounts from reserves for planned capital projects and to smooth tax levy impacts. The audit committee and staff said they will post the audit materials on the district website under the business office transparency page, and the business office will follow up on the management letter items.

Ending: the audit presents a stable financial position as the district begins several major capital projects that will rely on capital reserves and planned building‑aid reimbursements. The board scheduled follow‑up questions about the tax levy limit calculation and the detailed fund‑balance breakout during the upcoming budget process.