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Independent auditors give Mount Lebanon an unmodified opinion; fund balance edges up to about 5.99%
Summary
Auditor Justin Vancheri reported an unmodified opinion on the district's financial statements, a near-$7.5 million unassigned fund balance (about 5.99% of next year's budget), $98.8 million in outstanding general obligation bonds and a $142.6 million net pension liability; the single-audit of federal programs had no findings.
Justin Vancheri, representing the district's independent auditors, told the Mount Lebanon Board of School Directors Monday that the auditors issued an unmodified opinion on the 2024–25 financial statements, the highest standard an auditor can give.
"We issued an unmodified opinion," Vancheri said, adding that the district's general fund unassigned balance stood at about $7.5 million, or about 5.99% of next year's budgeted expenditures. He told the board the district is moving toward the state-recommended 8% reserve target.
Vancheri summarized key figures in the audit presentation: total revenues of about $122 million, total expenditures of about $108 million, and $11.2 million transferred to a debt service fund to cover principal and interest. The district reported three general obligation bonds outstanding with a combined balance of about $98.8 million; Vancheri said the bonds are scheduled to be retired by 2035.
The auditors flagged the district's net pension liability related to PSERS at roughly $142.6 million and noted the district made required plan contributions. Vancheri also reported the district expended more than $750,000 in federal funds, triggering a single audit; auditors tested the child nutrition cluster and the special education cluster and reported no findings or internal control issues.
Board members praised district staff for the work that produced the positive audit results. Dr. Fries said the district's ability to add to reserves this year reflected both staff cooperation and the resolution of a long-running legal matter: she said a settlement closure with Concordia returned $3 million to fund balance, contributing to the increase.
The audit presentation closed with Vancheri offering to answer follow-up questions and noting the district's budget performance — revenues slightly over budget and expenditures under budget — indicated realistic budgeting and strong fiscal management.
The board accepted the auditors' report and will receive the full audit document when it is published later in the year.
