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Stewartville school board accepts clean audit, hears financial overview showing reserves growth
Summary
Auditor reported an unmodified (clean) opinion for fiscal year ending 6/30/2025; the board unanimously adopted the audit after a presentation that reviewed revenues ($32.53M), expenditures ($32.44M), enrollment trends and improved reserves (10.4% of expenditures).
The Stewartville Public School District board unanimously adopted the district's 2024-25 audit after an auditor told trustees the financial statements will receive an unmodified (clean) opinion.
"Our audit opinion will be a clean, unmodified opinion, which means we believe everything is fairly stated in accordance with GAAP," said Andy Collier, the presenting auditor, summarizing the draft report and the tests his team completed.
Collier told the board revenues for the year were about $32,526,000 and total expenditures were about $32,442,000. He highlighted the district's revenue mix (about $5.0 million in property taxes and a larger share from state aid), a reduction in federal pandemic-era funding and a modest decline in average daily membership to 1,985, down roughly 28 from the prior year.
The auditor said the district's unassigned fund balance rose to roughly 10.4% of current-year expenditures (up from 9.6%), and that restricted and assigned reserves remain set aside for operating capital, MA (medical assistance) and curriculum needs. He also reported no compliance exceptions in single-audit testing despite expending over $750,000 in federal awards, and no internal-control findings required by Minnesota's yellow-book requirements.
Board members asked questions about specific fund balances and revenue drivers. In response, Collier said selected testing had adequate supporting documentation and that management's estimates related to depreciation and special-education costs were reasonable.
Following the presentation, Mr. Geist moved to adopt the final audit and Mr. Laumann seconded. The motion carried on a roll-call vote of 7-0.
The board indicated the audit will be finalized in the formal financial statements and management's discussion and analysis; Collier said those remaining items were routine and the numbers discussed would be the final figures.
What happens next: The board accepted the audit, and administrators will file the final financial statements and required reports. The audit presentation also set the context for the board's upcoming budget discussions and capital planning.
