Gaybridge & Company presented the Romulus Community Schools annual audit at the Nov. 24 board meeting and issued an unmodified, or "clean," opinion on the district's financial statements for the year ended June 30, 2025. "In our opinion, the financial statements present fairly, in all material respects, the financial position of the school as of 06/30/2025," auditor Joe Veil told the board.

Veil highlighted an emphasis-of-matter paragraph related to a recent Governmental Accounting Standards Board change that altered how compensated absences (paid time off) are valued for reporting purposes. He said that change shifted the reported financial position by roughly $1,000,000 but did not represent an economic outflow: "It doesn't change anything economically. There's no cash going out the door," Veil said.

The audit report showed total revenues of about $61 million and total expenses near $45.5 million for the fiscal year. Veil said the district's unassigned general fund balance was $4,157,056, about 9.4% of annual general fund expenditures, close to but slightly under the Michigan Department of Education's commonly cited 10% benchmark. The auditor also noted improvement in long-term liability metrics: the net pension liability improved from roughly $48 million to $38 million, and the district reduced long-term liabilities by nearly $10.4 million during the year.

Veil reviewed the district's cash and investment position (just under $12.2 million at 6/30/2025) and described the management discussion and analysis section as the "cliff note version" of the audit for community readers. He pointed to a theoretical total net position shortfall of about $26,440 if the district liquidated all assets and paid liabilities, and said the unrestricted net position deficit improved to about $53.3 million from the prior year.

On debt service, the auditor reported that general obligation bonds payable declined to an ending balance of $23,900,000 and are scheduled to be paid off in fiscal 2030. He estimated approximately $8,000,000 of principal is retired annually until those maturities complete.

Veil also said the Office of Management and Budget's delay in publishing the 2025 compliance supplement is preventing final submission of the federal single-audit clearinghouse filing; he nonetheless said the auditor does not expect findings on the district's major federal programs. "We had two major programs, no findings over either one of those programs," Veil said.

Board members responded with congratulations and thanks to finance staff. Trustee comments emphasized the improvement from prior audits and praised staff and leadership for transparent financial practices. The board accepted the consent agenda and other routine items later in the meeting.

The district's audit highlights will be submitted with the federal single-audit once the OMB compliance supplement is published and the district can complete the clearinghouse upload.