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Phoenix Elementary board accepts FY2024 audit, adopts May 2025 budget revision
Summary
The district accepted a clean fiscal year 2024 audit and approved a May revision to the FY2025 budget after a presentation by the auditors and the chief financial officer. The revision increased projected expenditures and reflected higher-than-expected carryforward and ADM.
The Phoenix Elementary District governing board accepted the fiscal year 2024 audit and adopted a May 2025 revision to the FY2025 budget at its May 8 meeting.
An audit presenter identified as Daryl reviewed the district’s four audit documents: the annual financial report, the single audit of federal programs, governance communication and the USFR compliance questionnaire. The auditors issued an unqualified (clean) opinion on the annual financial report and a clean opinion on the single audit of tested federal programs; auditors tested special education and ESSER funds. Daryl said the audit found three recurring internal-control issues and recommended corrective action plans to bring monthly bank reconciliations, general ledger posting and disbursement support into consistent compliance. “The corrective action is to make sure that your bank reconciliations are reconciled on a monthly basis,” the presenter said.
After the audit presentation, Chief Financial Officer Aaron Whittle presented the May budget revision for FY2025. Whittle said the district’s weighted ADM finished higher than the adopted budget projection (about 6,540 actual versus 6,386 projected), producing additional state revenue under the base support level of $5,013 per weighted ADM. The May revision increased budgeted expenditures from roughly $52.9 million to about $56.15 million, driven largely by a higher budget-balance carryforward ($2.6 million rather than an adopted $326,000). Whittle also reviewed transportation support levels (TSL) and the district’s DAA and M&O override amounts, and warned that failing to renew overrides could create multi-million-dollar shortfalls in future years.
Board members asked whether corrective actions should be tracked quarterly and what is a realistic goal for USFR compliance findings; the auditor suggested an 8–12 range of questionnaire items as a reasonable target for a district the size of Phoenix Elementary. The board moved to accept the FY2024 audit and adopted the FY2025 May budget revision by roll-call votes.
Practical effect: The accepted audit identifies procedural findings with corrective-action plans; the adopted budget revision increases the district’s FY2025 spending plan based on higher ADM and carryforward balances. The board directed staff to implement corrective actions and to report progress to the board.
