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Audit partner reports positive year, identifies internal control weakness in district—s financial statements
Summary
External auditors told the McKeesport Area School District board that revenues exceeded expenditures in 2023-24, noted significant federal ESSER spending, and reported a material weakness in internal control over bank reconciliations and liability review.
Peter Vancheri, the audit partner on the district engagement, presented a condensed summary of the McKeesport Area School District—s 2023-24 audited financial statements at the March 6 meeting and reported that the statements are "fairly presented, in all material respects, in accordance with generally accepted accounting principles."
Vancheri said the district—s governmental funds combined fund balance as of June 30, 2024, was $24,537,000, with roughly $17,000,000 assigned (including about $3,000,000 assigned for future capital projects). He said the general fund balance represented approximately 7.6% of budgeted expenditures while the overall fund balance was about 28% of budgeted expenditures.
The audit partner reported total…
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