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Auditor issues clean opinion; District 49 cash down after major capital spending
Summary
Holt & Company auditor Tom Sesterre presented the district's annual comprehensive financial report, issuing an unmodified (clean) opinion and noting capital spending drove down cash and investments while capital assets rose. No internal control or federal compliance findings were reported.
Tom Sesterre of auditing firm Holt & Company presented District 49’s annual comprehensive financial report to the board and said the auditors issued an unmodified opinion and found the financial statements “presented fairly in all material respects.”
Sesterre said cash and investments were down about $23.4 million primarily because the district spent cash on capital projects. Capital assets rose by about $26.7 million, corresponding to the capital projects spend. He also reported liabilities were up roughly $32.9 million, driven in part by increases in other post‑employment benefits (OPEB) actuarial liabilities.
Highlights Sesterre provided: - General fund balance increased by about $12.4 million; overall revenue rose roughly 12% while expenditures rose about 4%. - Debt service fund balance grew by about $5.6 million. - Capital projects mill levy fund balance decreased by about $49 million, with approximately $53 million spent on capital projects this year. - Grant receipts were down by about $2 million as ESSER grants phased out to normal grant footing.
Sesterre emphasized internal controls: his team found no internal control findings in the financial or federal awards audits for the current year. “There were no compliance issues noted in current year,” he said.
Board members praised finance staff and the auditor. Superintendent Peter Hiltz and several directors credited Heather and the finance team with managing a tight year and protecting classroom spending despite a small net‑position decline; board members said the district has maintained a low administrative ratio and has improved systems over time.
Ending: Sesterre thanked finance staff and said auditors were available to answer follow‑up questions.
