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Milwaukee Board accepts FY2024 audit after auditors flag 10 material weaknesses and $205M city cash deficit
Summary
Auditors Baker Tilly issued an unmodified opinion on the district's financial statements but identified 10 material weaknesses and federal compliance findings; the board accepted the FY2024 audit and administrators outlined a multi-step remediation plan.
The Milwaukee Board of School Directors' Finance, Personnel and Accountability Committee on Thursday acknowledged receipt of and accepted the Milwaukee Public Schools (MPS) fiscal year 2024 audit after auditors described multiple material weaknesses and compliance findings.
Baker Tilly issued unmodified opinions on three financial-statement reports, including the district's annual comprehensive financial report, but detailed internal-control and federal- and state-compliance problems. "There are 10 material weaknesses," Wendy Unger, principal at Baker Tilly, told the committee. "Eight of those are carryovers from previous years." The board voted 5-0 to accept the audit reports.
The audit highlighted repeated issues in the district's close process, year-end accounts payable, journal-entry controls, budget reporting and timeliness of federal grant claims. Auditors reported several large adjustments during the review, including journal entries totaling roughly…
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