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Board accepts FY2025 audit: unmodified opinion, $16 million fund balance
Summary
The board received a presentation from auditors (Yo & Yo) who reported an unmodified (clean) opinion and no audit findings for fiscal year ending June 30, 2025. The district's general fund ended the year with a $16,000,000 total fund balance and an unassigned portion of about $11.1 million; the board approved the audit.
The L'Anse Creuse Public Schools Board of Education on Oct. 27 accepted the district's FY2025 audited financial statements after an audit presentation by Yo & Yo.
"Overall audit results: there were no findings in your audit," the auditor told the board, reporting an unmodified opinion and no material weaknesses or significant deficiencies. The auditor said the district was designated a "low risk auditee" for federal programs, reducing the federal-sample testing percentage.
The audit presentation showed a general fund ending total fund balance of $16,000,000 as of June 30, 2025, with an unassigned portion of about $11,100,000. The auditor presented additional metrics: unassigned fund balance equal to roughly 7.5% of expenditures and total fund balance at 10.8% of expenditures, which the auditor said equates to about 39 days of operating expenditures.
Board member Doss moved to approve the audit presentation; Sellers supported the motion. After brief discussion there were unanimous "Aye" votes and the motion carried.
During the audit overview the auditor reminded the board of the statutory requirement to remain under budgeted expenditure authority, citing the Uniform Budget and Accounting Act as the reason overruns would generate a finding. The auditor also noted that salary and employee benefits account for approximately 89% of general-fund expenditures.
The audit materials provided to the board included a budget comparison schedule and pie charts showing revenue sources and expenditure categories. The board accepted the final financial statements and authorized filing of the audited financials; the auditor said the single-audit compliance supplement and governance letter remained pending the state's compliance supplement but would be filed when complete.
Votes at a glance
- Approval of FY2025 audited financial statements (motion by Doss; support Sellers). Outcome: approved, unanimous vote. - Consent agenda approval including budget report and payment registers (motion by Sellers; support De Villa). Outcome: approved, roll call unanimous (7-0). - Purchase approvals (middle school iPad purchase; 35n grant purchase) (motions by Sellers; supports as noted). Outcome: approved. - Expulsion of student no. 0425 (motion by Cyprus; support Sellers). Outcome: approved.
The board requested follow-up information on one consent-agenda line item: legal fees paid to Collins & Blaha related to a former superintendent's OARS appeal (check number referenced in the packet); board members asked staff to determine whether those fees were claimable under district insurance.
