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Garrett County Board adopts FY2025 annual financial report; auditors cite $7.08M restatement and OPEB liabilities
Summary
The Garrett County Board of Education on Sept. 29 adopted the district—s FY2025 annual financial report after auditors issued an unmodified opinion and identified a $7,082,449 restatement tied to a new GASB compensated-absences standard.
The Garrett County Board of Education on Sept. 29 voted to adopt the district—s FY2025 annual financial report, receiving an unmodified audit opinion from Rode Huber Group while auditors highlighted a material, retrospective restatement tied to a new Governmental Accounting Standards Board (GASB) accounting standard for compensated absences.
Ashley (presenting finance staff) told the board she was certifying the financial statements "provide fair representation" and highlighted a small increase in the unrestricted current expense fund balance that will provide flexibility for the Bradford project. Auditors from Rode Huber Group said the independent audit resulted in an unmodified opinion. Auditor remarks directed the board to an "emphasis of matter" paragraph related to the adoption of GASB guidance on compensated absences, which required a retroactive restatement that decreased the…
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