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Carmel BOE hears unmodified audit, discusses repair reserve and posts long-form report
Summary
Auditor Scott Purser gave Carmel Central an unmodified opinion for the year ending June 30, 2024, noting revenues exceeded expenditures and citing an approximately $5–5.5 million positive variance. Trustees discussed establishing a repair reserve, corrective actions for extra‑classroom funds, and authorized posting the long-form audit to the district website.
The Carmel Central School District Board of Education received its independent audit on Dec. 17, 2024, when auditor Scott Purser told the board the district’s financial statements received an unmodified opinion and the audit found no material weaknesses or significant deficiencies.
"Your district had an unmodified opinion," Purser said, noting the audit reflects the financial information provided by district staff and the auditor’s review produced no findings that would affect the fairness of the statements. He said revenues exceeded budgeted expenditures for the year ending June 30, 2024, producing a multi‑million‑dollar positive variance that the presentation described at roughly $5 million–$5.5 million, a combination of higher revenues and lower-than‑budgeted spending.
Trustees pressed Purser and district leaders on reserve strategy and internal controls. Trustee Curzio and Trustee Wise asked about creating a repair reserve — a voter‑approved fund used for emergency or smaller-scale repairs that is easier to access than a capital reserve for major projects. Purser described how a repair reserve is established (voter approval) and used (public hearing required before certain uses) and said many comparable districts have adopted one to smooth unplanned capital needs.
The audit presentation also highlighted longer‑term actuarial liabilities: Purser noted the district’s reported Other Post‑Employment Benefits (OPEB) actuarial number at about $265,000,000, a standard disclosure that can make districtwide net position appear negative even when governmental fund balances used for operating purposes remain healthy.
Trustees and the auditor discussed corrective actions for extra‑classroom activity (ECA) funds. Purser said the audit committee and business office reviewed ECA receipts and procedures; the district is implementing a corrective‑action plan and training advisors and treasurers to improve cash receipts tracking and documentation.
After discussion, the board approved the auditor’s financial statements and the extra‑classroom audit reports for the year ending 06/30/2024. The superintendent and the business office agreed to post the long‑form audit and supporting materials to the district website promptly so the public can review the full 70‑plus page report.
Board members also approved a budget amendment to add a $50,000 allocation to support a Universal Pre‑K program after receiving discretionary legislative BOLA (bulleted allocation) aid; trustees clarified the addition does not change the district’s tax levy.
What’s next: the board asked staff to return with additional information about establishing a repair reserve and with continuing corrective‑action updates on ECA accounting. The long‑form audit will be posted to the district website following the board’s review.
