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Auditor gives Hudson School District a clean opinion for fiscal 2024; no compliance findings reported
Summary
CliftonLarsonAllen delivered an unmodified (clean) audit opinion for the School District of Hudson for fiscal year 2023-24, reporting solid reserves, adherence to reporting timelines and no material compliance findings in tested federal and state programs.
CliftonLarsonAllen (CLA) presented the School District of Hudson's fiscal year 2023-24 audit to the board on Monday and issued an unmodified ("clean") opinion, the firm said.
Jonathan Sherwood, principal at CLA, told the board the auditors found no material misstatements in the district's financial statements and reported no audit findings requiring formal action. The auditors also performed the federal single-audit program testing and reported no compliance findings for the federal programs reviewed, including IDEA flow-through and ESSER funds, and for state programs such as general aids.
Key financial items Sherwood highlighted the district's strong general fund reserves. Combined fund balances for the district's general education (Fund 10) and special education (Fund 27) left the district with unassigned reserves equating to roughly 38.9% of general fund expenditures, above the district's policy target range of 25%-30% and in line with industry practice. CLA noted the fund balance provides flexibility for cash-flow timing and short-term uncertainty.
Other highlights included: - Debt service: Fiscal 2024 principal and interest payments totaled about $17.9 million ($14.21 million principal; $3.7 million interest). - Construction work-in-progress (CWIP): The audited statement shows CWIP of roughly $3.8 million related to ongoing building projects and roofing and chiller work. - No internal control findings: CLA reported no management letter findings requiring board action for fiscal year 2024.
What the auditors recommended Sherwood answered board questions about standard presentation items ("due from/to other funds") and said CLA would supply written responses to some earlier board requests for clarification. The auditors recommended continued attention to capital-project reporting and regular reconciliation of interfund balances as standard practice.
Board response and next steps Board members thanked the finance staff and auditors for the work. The district's finance director and CLA confirmed the DPI annual report (Form 1506) and federal data-collection filings were submitted in a timely manner. The district will post the full audit report and the two-page summary provided by CLA on the district website for public review.
