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York City SD audit shows clean opinion; unrestricted cash and restricted funds increased
Summary
Auditors presented the district—inancial statements and single audit during the Jan. 13 finance committee meeting and issued a clean opinion for 2023—24.
Auditors presented the district—inancial statements and single audit during the finance committee meeting Jan. 13, reporting an unmodified (clean) opinion for the 2023—24 fiscal year and no findings on the federal single audit.
Kim Stank, a partner with Zelenkovski Axelrod, told directors the district—nded the year with increased cash and investments and a positive change in net position. She said unrestricted cash and investments rose from about $47 million to roughly $71 million and that restricted cash increased from about $11.9 million to $22.5 million. The auditor described the district—hange in net position as a positive $42 million, driven largely by grant revenue and other factors affecting pension and OPEB liabilities.
The audit partner said the single-audit major program this year was the district—SSER/ARPA funding and that the auditors found no material weaknesses, no significant deficiencies and no reportable findings related to federal awards.
Finance Director Sean (last name not specified in the transcript) and board members discussed how the improved balances affect budget planning. District staff confirmed the audit documents provided a management discussion and analysis and full footnotes; auditors said no new GASB pronouncements materially affected the statements this year.
Directors asked about future pressures, and auditors noted the district—iggest ongoing liabilities remain pension and other post-employment benefits (OPEB), where rates and market performance can change the district—xposure. The auditors also said grant funding levels and state policy choices will influence future revenue availability.
Board members praised the finance staff for producing the audit by year-end and noted the report will inform the budget-building process scheduled to continue through February and March.
Ending: The audit presentation concluded with the board receiving the financial statements and single-audit results; staff said the administration would provide the board with the draft budget and additional financial details during upcoming budget-listen-and-learn sessions.
