Board approves fiscal year 2025 audit; auditor signals clean draft opinion

John Epperson of Miller Cooper presented the district’s fiscal year 2025 audit to the District 57 Board of Education on Oct. 16 and said the firm was prepared to issue an unmodified (clean) opinion after completing its quality control review.

Epperson summarized the audit package, noting a new GASB accounting pronouncement related to compensated absences had produced a $5.6 million adjustment at the government‑wide level. He described the adjustment as a high‑level estimate and said it would not affect monthly fund‑level reports used for operational decisions. "I'm happy to report that a formal draft has been issued, and we're not anticipating any changes," Epperson said.

The board moved and seconded to approve the FY25 audit. The motion passed on a roll‑call vote, with recorded yes votes from Member Leto, Member Nelson, Vice President Choke, Member Dorner, Member Faye and President Bennett Hill.

Why it matters: an unmodified opinion indicates the auditors found the financial statements to be materially fairly presented. The audit also included no reportable internal control deficiencies or material uncorrected misstatements, the auditor said.

Meeting details the auditor highlighted: - Management Discussion & Analysis and the government‑wide financial statements were reviewed along with fund‑level reconciliations. - A new GASB interpretation of compensated absences (sick time) led to a $5.6 million liability adjustment on the government‑wide statements; the auditor described that as primarily presentational and an estimate rather than a monthly cash obligation. - The audit produced no control deficiencies that warranted a separate letter; the firm praised the district’s preparation and controls.

Action taken: the board approved the fiscal year 2025 audit.