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Morgan County School District audit earns unmodified opinion; board hears fund and capital updates
Summary
Independent auditors issued an unmodified opinion on Morgan County School District's audit and compliance reports; administrators told the board one-time grants and interest explain a $4.8 million general-fund increase and reported a $5 million loan for capital projects.
Independent auditors told the Morgan County School Board the district received an unmodified opinion on its financial statements and no significant compliance findings. "The district received an unmodified opinion," the auditor said while explaining the firm's testing and sampling procedures.
The audit presentation, introduced by Business Administrator Scott and delivered by the independent auditor (James), noted the district received just under $1.3 million in federal awards during the year and that the economic stabilization (COVID) funds were selected as the major program for additional testing under single-audit requirements.
RPA Scott clarified a large net increase in fund balance reported in the statements: the general fund rose by about $4,800,000. He told the board that increase largely reflects three one-time items that have not yet been expended: a $3,800,000 grant to rebuild the Morgan Middle School gymnasium, a $650,000 transfer earmarked for IT projects, and roughly $1,000,000 in interest earnings. Scott said those dollars are held in fund balance pending capital spending.
Scott also reported the district closed a $5,000,000 loan with Zions Bank to finance maintenance-shop construction and third-floor work at district facilities. Regarding internal control and compliance, the auditor said the district received the highest opinions on the single-audit, government auditing standards and state compliance reports and offered no items that required immediate board action.
Board members thanked the auditors and administrators for the work and asked for the usual follow-up during the year. The board took no additional formal action beyond accepting the audit presentation.
