Osseo School Board accepts FY2025 audit showing clean opinion and strengthened reserves
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Summary
Independent auditors issued an unmodified (clean) opinion on Osseo Public School District’s FY2025 financial statements, with no findings on internal controls or Minnesota compliance; the board accepted the audit and noted an increase in assigned fund balance to cover next year’s adopted budget gap.
The Osseo Public School District board on Nov. 18 accepted the fiscal year 2025 audited financial statements after hearing a presentation from the district's independent auditor.
Jim Eichten of LB Carlson told the board auditors issued an unmodified — or "clean" — opinion on the district’s basic financial statements and reported no findings related to internal controls or Minnesota legal compliance. He also said the district implemented recent government accounting standards and that the audited financial report includes trend and fund balance information the district and the public can use to assess financial health.
The audit presentation highlighted an increase in assigned fund balance — about $23,000,000 — which Eichten said represents amounts set aside to address a projected deficit reflected in the district’s adopted budget for the coming year. He noted that the single‑audit report addressing federal awards was still pending because the federal government had not completed official guidance necessary to finalize those audit opinions.
Board members thanked the auditors and finance staff for the work and the results. The board then took the formal action to accept the audit, moving and approving the motion unanimously.
Why it matters: A clean audit and stable fund balances provide formal confirmation that the district's financial reporting meets auditing and state standards and give the board and community confidence as leadership implements the upcoming budget. The pending single‑audit means federal award compliance results will be shared with the board at a later date.
What’s next: The district will publish the full audited financial statements and the annual comprehensive financial report; the auditor said the single‑audit of federal awards will be presented once federal guidance and reporting are complete.
