Auditor issues unmodified opinion on FY24; general fund balance rises to about $20.1 million

CliftonLarsonAllen presented the West Bend School District udited financial statements for the year ended June 30, 2024, and issued an unmodified opinion, indicating the statements are fairly presented in accordance with applicable accounting standards. Auditor Brian Grunewald summarized results and an executive audit letter; the audit included required compliance testing of federal and state aid and reported no compliance findings.

Assistant Superintendent of Business and Operations Andy Sarno and the auditors highlighted a recurring, non-availability finding that is common in districts that use their auditors to prepare annual financial statements (the firm prepares the draft statements as a non-audit service); the district and auditors maintain a review and acceptance process to address that finding. The single-audit testing covered approximately $10.3 million in federal funds and $42.2 million in state funds; the audit team tested roughly 50% of federal program dollars and 86% of state program dollars and reported no issues in tested programs.

Key financial metrics presented: total general fund balance at year-end is approximately $20.1 million and the unassigned portion of that balance is approximately $14.1 million. On a percentage basis the district ended 2024 with about 22% of expenditures in total fund balance and about 16% in unassigned funds. Those percentages exceed the district—und-balance policy range (14%–18%) but fall within common national benchmarks used by finance organizations and rating agencies (roughly 15%–25% for unassigned fund balance). The auditors also reviewed debt service (general obligation debt declining to about $4.3 million at year-end), other postemployment benefit and pension liabilities (combined liabilities decreased to about $9.4 million) and the district—und 73 benefit trust (net position of about $5.4 million).

The audit letter also summarized recent and upcoming Governmental Accounting Standards Board (GASB) pronouncements the district must track; auditors noted prior-year implementations and said upcoming GASB guidance (including standards on compensated absences and presentation changes) will be considered in future audits.

No formal acceptance vote occurred at this meeting; Sarno and the auditor said the audited financial statements and the fund-balance designation will be presented for formal acceptance at the board—usiness meeting two weeks later. The district has submitted required reports to the Department of Public Instruction and federal clearinghouse as part of the closeout process.