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Independent auditor gives Centennial SD a clean opinion on 2023–24 financials; board accepts audited report
Summary
An independent auditor from CliftonLarsonAllen presented an unmodified audit opinion for the year ended June 30, 2024. The audit was late; the board accepted the audited financial report at the Sept. 30, 2025 meeting. The auditor highlighted fund balances, a $3 million transfer to debt service, and a positive trend in the food service fund.
Carl Hogan, principal at CliftonLarsonAllen, presented the district’s audited financial report for the year ended June 30, 2024, at the Sept. 30, 2025 Committee of the Whole meeting. Hogan gave an unmodified opinion on the financial statements and apologized to the board for the audit’s delayed delivery, attributing the lateness to a firm transition rather than management performance.
Hogan described total revenues of approximately $144–145 million for the fiscal year and reported total expenditures were within about $1 million of the adopted budget. He said the district transferred roughly $3 million to the debt service fund and that the general-fund balance was about $12.7 million as of June 30, 2024. Hogan noted a capital-reserve balance of approximately $2 million and said the food-service fund had a positive change in net position of about $778,000, with an ending net position of about $2.8 million.
Hogan said the audit included testing of federal-award programs and that the district’s audit cycle will move toward a regular rotation of Title I, special-education and child-nutrition programs; for 2023–24 auditors reviewed Title I and the special-education cluster. He told the board there is no penalty for a late audit but emphasized the importance of timely reporting for users who rely on the audit.
The board voted to accept the audited financial report as agenda item 7.2a; the motion passed unanimously. Administration noted the 2024–25 audit is planned for October and said steps are in place to avoid future delays. Hogan also recommended the board review management’s discussion and analysis and the schedule of federal expenditures included in the audit report.
Board members asked whether a penalty applied for the delayed submission; Hogan said there is no penalty, but late audits reduce the value to external users and should be avoided. The finance committee said it would continue to monitor refinancing and other financing activities that could affect future budget projections.
