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Auditors give Keystone Central School District "unmodified" opinion, note one significant deficiency
Summary
Baker Tilly reported an unmodified opinion on Keystone Central School District’s June 30, 2024 financial statements and federal ESSER compliance, while citing one significant deficiency tied to audit adjustments and internal-control items; board members pressed for the final audit report and more detail on charter tuition variances.
Baker Tilly presented the results of Keystone Central School District’s single audit for the year ended June 30, 2024, telling the board the firm issued an “unmodified opinion” on the district’s financial statements and on compliance for its major federal program, the ESSER COVID funds.
The auditors said the district’s general fund balance rose by about $1,300,000 to roughly $21,000,000 at June 30, 2024, after total general-fund revenues of about $90 million and expenditures near $87 million. Baker Tilly noted that general-fund expenditures exceeded the final budget by about $1.9 million (roughly 2.2 percent), and that a large driver of that variance was higher-than-expected cyber charter tuition payments.
The audit team reported one finding described as a “significant deficiency” in internal control over financial reporting. John, a Baker Tilly auditor, said the deficiency related to proposed audit…
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