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Janesville school audit returns clean opinion; board hears federal funding and revenue-limit briefing
Summary
The School District of Janesville received an unmodified audit opinion and board members were briefed on federal funding, revenue-limit authority and open enrollment trends at the Feb. 11 Board of Education meeting.
The School District of Janesville’s financial statements received an unmodified (clean) audit opinion, district finance staff told the Board of Education on Feb. 11, and trustees were briefed on federal funding levels, the district’s revenue-limit authority and open-enrollment trends.
Dan, a district finance staff member, told the board that Baker Tilly auditors reviewed the district’s financial statements and that the statements are “fairly presented in accordance with generally accepted accounting principles, GAAP.” He said two single-audit reviews were conducted this year: one for the child nutrition program and one for Medicaid-related activity, in line with federal single-audit requirements for entities receiving more than $750,000 in federal funds.
Wendy Ugnor of Baker Tilly presented to the finance committee earlier this month, and the board packet included the auditor’s presentation and a memo summarizing the results. The district’s finance staff said the audit produced no findings and described the result as a routine, year-round process that requires cooperation across business services, curriculum and student services.
Board members asked follow-up questions about a longstanding “stock” issue noted in the audit paperwork. Dan said the district never held the full shares that had been pledged, that the underlying company changed hands (Exelon/Constellation Energy), and that staff plan to work with Johnson Bank and required paperwork to resolve the matter. He noted a policy revision that prefers cash gifts rather than donated shares.
Trustees also heard fiscal context for operating revenues. Staff said the district’s revenue-limit authority is $11,325 per membership unit for 2024–25, composed of state equalization aid and local tax levy. Staff estimated roughly $75 million in state equalization aid to the district this year and explained that additional categorical and federal grants increase the district’s overall budget beyond the revenue-limit figure. The board discussed how open enrollment and differing reimbursement rates for general and special education affect district finances.
Two routine meeting motions were recorded: the board adopted the meeting agenda for Feb. 11, 2025, and approved the consent agenda; each passed unanimously.
