School board accepts audit and authorizes $1.74M transfer from depreciation reserve under WY statute

The Lincoln County School District No. 2 board accepted its annual audit after auditor Mr. Isaac reported a clean (unmodified) opinion on the district’s financial statements. Mr. Isaac highlighted the statement of net position, fund-level budget-to-actuals, pension notes and a federal-expenditures schedule showing about $6.5 million in federal assistance to the district over the audited year.

After discussion the board moved to accept the audit and simultaneously approved a transfer under Wyoming Statute 21-13-504, authorizing the district to transfer up to $1,740,263 from the depreciation reserve fund for authorized fiscal-year 2024–25 expenses. The motion was made and approved during the action portion of the agenda.

"It's a good opinion on your financial statements," Mr. Isaac told the board while reviewing the audit highlights. Board financial officer Mr. Inskeep later proposed holding a work session to break the audit down into 15 budget-function categories so trustees can more easily understand fund and program codes and depreciation implications for district assets.

The board also discussed federal ESSER funds and other grant reporting in the audit. Mr. Isaac and Mr. Inskeep described ESSER as a separately tracked federal grant fund rather than part of the district general fund and noted the district drew down ESSER over multiple years; exact carryover amounts were described in the audit as "in the millions" and discussed by staff as approximate figures.

Board approval of the audit and the authorized statutory transfer was recorded as carried by voice vote; no roll-call tally was given in the meeting record.