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Board hears update on missing 2023–24 audit and impact on planned bond issuance
Summary
Board members pressed staff about a still‑outstanding 2023–24 audit and whether its absence would delay a planned spring bond issuance; staff described work with Susquehanna Consulting to correct transaction postings and said they would not proceed with issuance without the audit, though they expect to complete enough work to support the initial issuance.
Board members raised concerns about an incomplete 2023–24 audit and how delays could affect a planned bond issuance. A board member asked when the first borrowing would occur and whether the missing audit would delay the process; staff said issuance was planned for the spring and described steps underway to finalize the audit.
An unidentified business office representative (Speaker 12) explained the district engaged Susquehanna Consulting to help correct posting errors and reconcile transactions. "There was transactions that weren't posted at all... we're going line by line and correcting that," the representative said, and added the consulting firm had ramped up efforts after the issues were uncovered.
The representative said staff had discussed the audit with Raymond James (financial advisor) and stated that the intention was "we're not gonna have any issuance without the audit." At the same time, he said the district has been preparing explanatory statements for accounts should some later fiscal year audits remain incomplete and that progress had accelerated after recent consulting and staff actions.
Board members asked for the district auditors to present to the public ahead of issuance; staff agreed to arrange that. The consulting firm name was disclosed in the meeting as Susquehanna Consulting and the district indicated the firm had not yet billed for work at the time of the meeting.
No bond was issued or authorized at the meeting; the discussion focused on scheduling, audit completion and steps the business office is taking to correct accounting entries so the audit can be completed.
