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Auditor presents FY24-25 report: qualified opinion on compensated absences, district net position shows multi‑million deficit
Summary
Eide Bailly presented the district’s FY24‑25 audit: clean opinions on fund statements but a qualified opinion on governmental activities due to GASB 101 reporting differences for compensated absences; auditors detailed fund over‑expenditures, interfund loan documentation issues and a growing self‑insurance deficit.
Eide Bailly auditor Terry Gage presented the Elko County School District’s audit for the fiscal year ending June 30, 2025, to the board on Dec. 1 and described both routine financial statements and several significant audit matters.
Gage said the audit delivers an unmodified opinion on most fund financial statements but a qualified (modified) opinion on the district’s full‑accrual governmental activities related to GASB Statement 101 (compensated absences). The auditor explained the qualification arose because reports from the district’s accounting system did not match leave balances in the employee portal and, given the system change and staff resources required to reconcile, the auditors could not support the compensated‑absence liability without qualification.
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