Millington Municipal Schools auditor reports clean 2023–24 financial audit

An external auditor told the Millington Municipal Schools Board of Education that the district27s 202324 audit produced a clean opinion with no findings.

The auditor said the district received an "unmodified opinion," reported no material weaknesses in internal control over financial reporting, and found no compliance findings for major federal programs.

Mark, the auditor who presented the report, summarized the results and key figures. He said the district27s current assets are about $24,000,000 and annual expenses for the year are roughly $40,000,000, giving the district "over half a year's expense cash on hand." He flagged two large actuarial estimates in the statements: a pension asset he described as about $3,000,000$4,000,000 and an OPEB (other post-employment benefits) liability he estimated at about $6,000,000. Mark also said the district had about $5,700,000 in federal grant awards subject to single-audit testing and that the auditors issued no findings on those programs.

Board members asked for benchmarking information. One board member asked how Millington compares to neighboring districts on fund-balance metrics; the auditor said a common rule of thumb is carrying at least a 25% fund balance relative to the annual budget and offered to report back with comparative percentages. The auditor cautioned that some items in the financial statements are estimates (for example, pension and OPEB assumptions) and that cash-on-hand is a useful practical measure of liquidity.

The presentation emphasized that the district received no audit findings for a second consecutive year and commended the district accounting team and school administrators for their work. No formal action was required; the audit was presented for the board's information.

The board followed the presentation with brief discussion and a motion to close the item.