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Smithville R‑II accepts FY24 financial audit with unmodified opinion
Summary
Westbrook & Company presented Smithville R‑II’s FY24 audit, reporting an unmodified opinion on financial statements and federal program compliance; the board voted to accept the audit and discuss auditor recommendations for internal controls and mitigating steps.
Westbrook & Company presented highlights from Smithville R‑II’s FY24 financial audit and the Board of Education voted to accept the audit report.
Auditor Brad Steele told the board the firm issued an unmodified (clean) opinion on the district’s financial statements and on federal program award compliance. Steele reviewed fund balances, debt service schedules, revenue and expenditure graphs, and the district’s reserve ratio (reported at about 22%, which the auditor said is healthy compared with a 20% benchmark). He also reviewed that the special revenue fund treatment is typical in Missouri and summarized required communications about internal controls, segregation of duties and recommendations for mitigation where staff turnover or changed responsibilities could increase risk.
The board heard that the district had a positive net change in operating fund balances in FY24 and roughly $6.5 million in unassigned general‑fund balance. Westbrook noted a federal single audit was required because the district had over $750,000 in federal expenditures; the firm’s single‑audit opinion found no material noncompliance.
Board members thanked the auditor and staff for timely preparation and responsiveness. The board approved acceptance of the FY24 audit report by motion and vote.
