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Auditor issues modified opinion; district fund balance rises to $3.2 million
Summary
CBIZ reported a modified audit opinion for the district's 2024 financial statements, noting an unassigned general‑fund balance of $3.2 million (5.6% of operating budget), $1.6 million in ESSER spending during 2024 and recommendations for timelier bank reconciliations and ongoing cybersecurity measures.
CBIZ auditors presented the Bristol Warren Regional School Committee with the district's 2024 financial results on April 21 and issued a modified opinion on the financial statements.
"We are issuing a modified opinion," said Kyle Conners, managing director at CBIZ (formerly Markham). He reported that the district's unassigned general‑fund balance at year end was $3,200,000, or 5.6% of the operating budget, noting the district's fund balance policy targets a mix of operating and reserve amounts.
Conners said the fund balance increased by about $119,000 in 2024 and noted the district spent roughly $1,600,000 in ESSER (Elementary and Secondary School Emergency Relief) funds during the year; he said that ESSER funds were one‑time and would not be repeated under ESSER IV.
The auditors recommended timelier bank reconciliations — specifically the payroll operating account — and continued annual cybersecurity training and vulnerability testing, and they performed federal program testing on ESSER and special‑education programs for 2024 with no reportable findings. Conners said the district had several shared pension plans funded at varying levels and an OPEB (other postemployment benefits) pay‑as‑you‑go liability that decreased due to actuarial changes.
Committee members asked clarifying questions about specific reconciliations and the property‑liability insurance cost increase; auditors and district staff responded that several prior operational staffing and process issues had been addressed and that routine follow‑up would occur in subcommittee.
No committee action was required; the auditors and district staff said they would provide full binders and further documentation to committee members for review.
