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Kings Park board accepts independent audit, auditors report stable finances and no findings
Summary
Auditors presented the district's financial statements for the year ended June 30, 2025; the Board of Education voted to accept the independent audit report, which contained no findings or recommendations.
The Kings Park Central School District Board of Education on Oct. 7 voted to accept the independent audit report for the fiscal year ending June 30, 2025, after auditors reviewed the district's financial statements and filing materials.
The audit presentation by Craig Houser, senior manager with Meraki Smith, covered the district's government-wide and fund financial statements and key balances. Houser said the firm audited the district's financial statements as of June 30, 2025, in accordance with U.S. generally accepted auditing standards and government auditing standards. He thanked district staff for cooperation during the audit.
The audit report showed capital assets, net of depreciation, totaling $62,600,000 (a net increase of $520,000 for the year). The actuarially determined other post-employment benefit (OPEB) obligation was reported as $149,000,000, a current-year decrease of $21,400,000 that the auditors said was mainly due to a change in actuarial assumptions. Total debt outstanding (bonds, notes and leases) was reported at $38,800,000. The governmental general fund balance was $22,400,000, of which $16,800,000 is restricted; $1,500,000 was appropriated for the 2025-26 budget and $3,300,000 was unassigned. The district recorded a negative change in fund balance of $2,200,000 for the year and reported a budget of $108,000,000.
Board member Mrs. Meehan told the board that because the audit contained no findings or recommendations, the district is not required to prepare a corrective action plan. The board voted to accept the audit report and authorize transmittal to the New York State Education Department and other required agencies.
Houser also noted the district received a certificate of achievement for excellence in financial reporting for its comprehensive annual financial report filing.
Actions taken: the board moved and approved acceptance of the independent audit report for the year ending June 30, 2025. No audit findings or management letter recommendations were reported.
