Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the School Finance topic
No spam. Unsubscribe anytime.
Audit firm issues clean opinion; Plainfield SD 202 posts comprehensive ACFR with 10-year trend tables
Summary
Wipfli LLP reported an unmodified opinion on Plainfield SD 202’s fiscal 2024 financial statements during the Jan. 15 site and finance committee meeting; the district prepared an Annual Comprehensive Financial Report (ACFR) with added introductory and statistical sections showing positive net position and 10‑year trend data.
Wipfli LLP partner Scott Denzer told the Site & Finance committee on Jan. 15 that Plainfield SD 202’s fiscal 2024 Annual Comprehensive Financial Report earned an unmodified (clean) opinion from the auditors.
Denzer said the district expanded its presentation this year to the ACFR format, which includes an introductory section and a statistical section in addition to the audited financial statements and notes. The statistical portion includes 10‑year trend tables for revenue, debt, demographic and other measures.
“Issued an unmodified opinion on these financial statements,” Denzer said, summarizing the auditor’s conclusion that the statements fairly present the district’s financial position. He added the audit focuses on the basic financial statements and that portions of the ACFR — the introductory and statistical sections — are not audited in the same way as the core statements.
Key financial highlights presented to the committee - Government-wide position: The district reported about $338 million in positive net position at June 30, 2024; year-over-year improvement was reported of roughly $85 million on the government-wide statement. - Fund balance: On a fund basis (the level at which budgets are set), the district reported an ending combined fund balance of approximately $215 million (about 44% of annual expenditures), and a year-over-year increase of about $26 million. - Debt and liabilities: The district paid down roughly $21 million in bonded debt during the year and carried approximately $91 million in bonded debt at year‑end; auditor materials also outlined pension and OPEB (retiree-health) liabilities that are tracked in required supplemental schedules.
Why it matters: An unmodified opinion is the auditor’s clean opinion and indicates the fiscal statements are presented fairly. The ACFR’s 10‑year trend tables allow board members and the public to see long-term movement in revenues, tax rates, debt and demographic measures.
Next steps and context: Denzer said the district intends to submit the ACFR for recognition; last year 62 Illinois school districts received such recognition. He offered to meet individually with board members on specific audit questions.
Ending: Committee members thanked auditors and staff; the audit materials will be available in the district’s financial packet and used in budget planning.
