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Independent auditors give RTSD a clean opinion for FY 2024–25; board approves audit with minor data contingency
Summary
HBE audit manager reported an unmodified (clean) audit for fiscal year 2024–25 with no findings; the RTSD board approved the audit 4–0, with the board accepting a minor Lincoln on the Move number to be updated.
The Railroad Transportation Safety District received an unmodified (clean) independent auditor—s opinion for the fiscal year ended June 30, 2025, and the board voted Sept. 9 to accept the audit report.
Luke Post, audit manager at HBE, told the board the financial statements— accrual-based audit showed higher cash and certificate of deposit balances and increased investment income compared with the prior year. Post said the auditors identified two standard "significant risks" they are required to communicate—improper revenue recognition and management override of controls—but that audit procedures found no deficiencies or reportable findings.
"In our opinion, the accompanying financial statements present fairly in all respects," Post said when summarizing the independent auditor—s report. He noted there were no internal-control deficiencies identified during the audit.
Post explained differences between the budget presentation (cash-based) and the audit—s accrual basis, including the treatment of taxes receivable and interest receivable. He also reviewed the required supplementary schedule that compares the budget to actuals and the auditor—s report on internal controls.
Board members discussed whether to approve the audit immediately or to wait for a final, small adjustment to the Lincoln on the Move intergovernmental figure. The board approved the FY2024–25 audit 4–0 with an explicit allowance for the minor change to the Lincoln on the Move amount to be corrected in the final financials.
The audit packet includes a governance letter highlighting the audit—s significant-risk areas; Post said those items are standard disclosures and that no findings were identified related to them. The audit also documents certificate-of-deposit activity (roughly $17.35 million reinvested since the last meeting, plus an additional $2.6 million invested after the report date) and reported interest rates generally in the 4.2–4.5% range.
