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Auditor issues clean opinion; Middleton trustees approve FY2025 audit report
Summary
External auditor Dan Griffin of Quest CPAs reported an unmodified (clean) opinion on the district's financial statements and no findings on internal controls or federal major programs. The board voted to accept the FY2025 audit. Auditor highlighted a general fund loss and state bond dollars for facilities.
Dan Griffin, the auditor from Quest CPAs, told the Middleton School District Board on the audit presentation that the firm had issued an "unmodified opinion" on the district's financial statements for fiscal 2025, meaning the financial statements fairly present the district's financial position. Griffin said no internal-control findings or federal major-program findings were identified during the audit.
Griffin reviewed the district's major funds. He reported a general-fund loss of $617,551 and an ending general-fund balance of $1,955,016, which he said equates to roughly a half-month reserve compared with typical recommendations of 1— to 3 months. He said the district should consider revenue increases or expense reductions to raise reserves. On the child-nutrition fund, Griffin said the district showed a loss of about $279,878 with an ending balance of $282,277, a pattern he described as common statewide because of higher food costs, reduced federal reimbursements and the end of COVID-era grant support.
On capital funds, Griffin said the bond fund ended the year with $5,352,122 and that the district received $18,092,042 from a recent State Department of Education facilities bond allocation; those funds are restricted for capital projects and are intended to be spent over a 10-year period. Griffin also noted a reporting change to watch in fiscal 2026: the single-audit threshold will rise from $750,000 to $1,000,000 and some internal account codes will be retired.
Following the presentation, the board made a motion to approve the district audit report for fiscal year 2025. The motion carried on a voice vote recorded as "aye."
