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Independent auditors issue clean FY2025 opinion; retiree health liabilities highlighted
Summary
Auditors from UHY presented the Worcester County Public Schools' FY2025 audited financial statements to the board and issued an unmodified opinion. The audit highlighted a large retiree health insurance liability, new GASB accounting pronouncements implemented during 2025, and no material internal-control weaknesses.
Independent auditors from UHY reviewed the Worcester County Public Schools' fiscal 2025 financial statements and delivered an unmodified (clean) opinion to the Board of Education at its Oct. 21 meeting.
"In our opinion, the financial statements present fairly in all material respects the respective financial position of the Board of Education of Worcester County," auditor Daniel Enser said during the presentation. He also noted two new Governmental Accounting Standards Board pronouncements that became effective during the year and were disclosed in the statements.
Key figures presented by the auditors and finance staff:
- The district reported about $8 million in cash and cash equivalents and roughly $4.6 million in investments as of June 30, 2025. - Capital assets (net) exceeded $200 million. - The district carries a reported post-employment (other post-employment benefits) liability for retiree health insurance of approximately $87 million; pension liabilities for non-teacher employees were about $7.3 million. - The board's government-wide net position showed a deficit of about $45.6 million, a metric driven largely by long-term retiree health obligations and other accrual accounting items rather than an operating cash shortfall.
"These are government-wide statements that take into account long-term liabilities," Enser said, emphasizing that the net-position deficit reflects long-term accounting for retiree benefits rather than an immediate cash deficit.
Auditors reported no material weaknesses in internal control over financial reporting. They recommended the board fully implement its fixed-asset software module to improve efficiency in tracking capital assets.
Board finance staff also presented the September monthly financial report and routine personnel and contractual items. The board approved the monthly report and the audit communications as presented.
Sources: UHY auditors' presentation and Worcester County Board of Education transcript, Oct. 21 meeting.
