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Board approves FY25 financial report after auditors issue clean opinion
Summary
External auditors issued an unmodified opinion on Alpine School District’s FY25 financial statements; the board approved the Annual Comprehensive Financial Report and was told a federal single‑audit remains pending the compliance supplement.
An outside audit firm told the Alpine School District board that it had "issued an unmodified opinion" on the district’s FY25 financial statements, and the board voted unanimously to approve the FY25 Annual Comprehensive Financial Report (ACFR).
The external auditor, representing the Squire team, said the firm tested invoices, confirmed balances, reviewed debt payments and visited about 22 schools as part of its procedures and found the financial statements “present fairly” the district’s activity. The auditor added that a required restatement shown in the ACFR resulted from implementing a new accounting standard, not from errors in recording or reporting.
District staff highlighted several key figures in the report. The business services presentation noted the district’s contribution to its economic stabilization (rainy day) fund was $47.6 million, roughly 5% of the FY26 general fund budget, and said those reserves support the district’s bond rating.
Staff also summarized OPEB (other post‑employment benefits) results: the net OPEB liability declined from $27.8 million to $15.6 million year over year, a $12.2 million decrease, and the OPEB plan’s funded ratio was reported around 88.8%.
Auditors cautioned that the district’s single audit of federal programs remains in draft because the federal government had not yet issued the compliance supplement needed to finalize testing; auditors said they did not anticipate significant changes and flagged only a small number of expected findings related to reporting and eligibility in child nutrition and Title I programs that district directors are addressing.
Following the study‑session review, Board Member Clement moved to approve the FY25 ACFR and Board Member Beeson seconded. The board approved the report by unanimous voice vote.
The ACFR and the companion Popular Annual Financial Report (PAPR) will be published on the district’s business services web page, staff said. The district said it will finalize and submit the single audit once the federal compliance supplement is released.
