Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the School Finance Audit topic
No spam. Unsubscribe anytime.
Independent auditor issues unmodified opinion for Wappingers CSD; single-audit delayed pending federal supplement
Summary
EFPR presented the district’s 2024–25 financial statements to the board, reporting an unmodified (clean) opinion, an increase in general fund balance and a state-required finding about unassigned fund balance limits; the federal single audit remains pending because of a federal delay.
EFPR, the district’s external auditor, presented results of the audit for the year ending June 30, 2025, to the Wappingers Central School District Board of Education on Oct. 6, reporting an unmodified (clean) opinion on the financial statements and no internal control weaknesses identified during the audit.
Tom Smith of EFPR told the board the auditors will issue an unmodified opinion, the highest-level audit opinion, meaning the financial statements were “fairly stated, the numbers in there are supported.” He said the district’s consolidated revenues exceeded expenses by $22.3 million for the year at the government-wide level, and the general fund’s fund balance increased by approximately $4.6 million. “From a quick numerical standpoint at the district wide level … the revenue did exceed expenses this year by $22,300,000,” Smith said.
The auditors flagged a repeat, state-required finding related to the allowable limit on unassigned fund balance; New York State limits unassigned general fund balance to a percentage of the subsequent year’s budget, and EFPR noted the district exceeded that metric. Smith described the finding as common across New York school districts and said it carries no direct financial penalty but is a required disclosure.
EFPR also reported a large long-term accounting item noted on the government-wide statements: other post-employment benefits (OPEB), which the auditors described as an accounting estimate. Smith said the district’s OPEB liability is approximately $618 million on the financial statements but emphasized that this is an actuarial accounting estimate and not a bill the district would receive.
EFPR said the single audit — a federal compliance review that applies when a district receives federal awards above a threshold — could not be released at the same time because the federal agency supplement required for the single audit was delayed. Smith said the financial statements would be issued in time to meet the New York State Oct. 15 deadline; the single-audit report will follow after federal materials are available.
After the presentation the board voted to accept the annual audit and financial statements as presented. The resolution to approve the EFPR audit for the fiscal year ended June 30, 2025 passed unanimously.
