Board accepts Fayetteville Public Schools 2024 audit; general fund posts modest increase

External auditors from HCJ presented the Fayetteville Public Schools fiscal‑year 2024 audit and the board accepted the report during the meeting.

Key takeaways from the audit - Audit opinion: The auditors issued a clean (unmodified) opinion on the district’s financial statements prepared on the regulatory basis required by Arkansas law. (The report included the expected explanatory note that the statements are not presented under US GAAP.) - General fund: The general fund had a net increase in fund balance of about $2.8 million for FY2024. The fund reported total revenues of roughly $142 million and expenditures near $123 million. Property‑tax revenue rose about $12 million year over year, largely because assessed values increased. - Transfers and capital: The district transferred about $16.4 million from the general fund to other governmental funds (capital projects and debt service) during the year. Other governmental funds showed a net decrease largely due to capital outlays and debt service payments. - Federal programs and compliance: The auditors tested major federal programs (including the child nutrition program) and reported no material compliance findings. The auditors also reported no findings on required state‑statute compliance tests.

Board action The board voted unanimously, 7–0, to accept the auditors’ report and authorize staff to submit required copies to the state and to the federal clearinghouse. The acceptance followed the auditor’s formal presentation and a round of trustees’ thanks to district accounting staff for their year‑round work.

Ending District staff said they will transmit the accepted audit to the Arkansas legislative auditors and the federal clearinghouse, completing the statutory filing requirements.