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Independent audit shows clean opinion; Raytown board accepts financial statements
Summary
KPM CPAs presented an unmodified opinion on the district’s FY24 financial statements, citing a healthy fund balance and unspent bond proceeds; the board voted to accept the basic financial statements.
The Raytown Quality School District board accepted the district’s basic financial statements for the year ended June 30, 2024, after an auditor from KPM CPAs and Advisors delivered a summary of the audit and described no material weaknesses or significant findings.
Jackie Vernon, executive director of business operations, introduced the auditor. "Our opinion is that the financial statements are presented fairly in all material respects," the auditor told the board, giving what she described as a clean or unmodified opinion under U.S. auditing standards and government auditing standards.
The auditor reported total cash and investments of about $87.4 million as of June 30, with roughly $25.4 million restricted for bond projects and $9.4 million restricted for debt service. She said the district’s unrestricted fund balance for operating funds equated to 39.7% of operating disbursements (about 4.7 months), above a common recommendation of three months. The auditor also noted a net loss of about $5.5 million for the year, driven in part by approximately $21 million of bond‑related construction disbursements and use of unspent bond proceeds.
On federal compliance, the firm reported a clean single‑audit with no findings for the major programs it tested (Title I and the special education cluster). The auditor said the district spent about $11.7 million in federal awards and the audit tested about $4.7 million of that total.
She offered several non‑reportable recommendations in a management letter, including upcoming accounting changes (GASB guidance on compensated absences, cited as GASB 102), formatting changes to future audit reports and continued attention to internal controls and cybersecurity. "I'd definitely watch, with [federal relief funds] going away, watch that spending and those extra expenses ... to make sure those fund balances aren't sliding too quickly," she told the board.
Board members accepted the audit as presented. No board member raised objections during the public presentation; the vote to accept the basic financial statements passed.
