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Board hears update on delayed audits and borrowing plans as consultants step up efforts
Summary
During budget and finance discussion, district officials reported ongoing work to finalize FY 2023-24 closing entries and an audit, engaged Susquehanna Consulting and discussed timing of planned bond/borrowing. Board members pressed for auditor presentations and asked whether borrowing could proceed without completed audits.
Board members pressed the administration for details about outstanding audits and the district's borrowing plans during the budget and finance section of the Oct. 30 meeting.
Chief Financial Officer Jack Trent told the board the business office and an outside consulting firm have been working to correct posting errors and complete FY 2023-24 closing entries. He said the district engaged a consulting firm and "since we started doing that''things are moving along much quicker now." Trent told members that the district is coordinating with Raymond James on timing for bond issuance and that "we're not gonna have any issuance without the audit," adding that the first issuance is expected in the spring if audits are completed.
Board members asked for a fuller presentation from auditors and for transparency about consultant billing and scope. The consulting firm named in the meeting is Susquehanna Consulting; the CFO said the firm had not yet billed the district as of the meeting and that he would provide an estimate. Members raised concerns about the timing: one asked how the district could proceed with rating calls and borrowing if prior audits remained incomplete.
Related items the board approved in the finance block included the treasurer's report, general fund revenue and expenditure report, monthly student activity statements, bill registers, renewals and vendor agreements, a charter school resolution, and requests to appraise district properties. A board member asked about a reimbursement resolution tied to project fund spending and about a vendor agreement related to flexible spending accounts.
Ending: The board approved the listed financial matters on the agenda and directed staff to continue work with consultants and auditors. Members requested an auditor presentation to the public in advance of major borrowing steps.
