Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Audit topic
No spam. Unsubscribe anytime.
District 62 accepts clean 2024 audit showing improved net position
Summary
Board voted to accept the district's 2024 audit, which auditors said carried an unmodified opinion and showed an improved government-wide net position (~$144 million) and fund net income (~$4.6 million); auditors noted ESSER funds are spent and flagged state-level pension liabilities.
Community Consolidated School District 62 voted Jan. 21 to accept its 2024 audited financial statements after a presentation by the district's external audit partner.
Scott Spencer, introduced as a partner in the district audit practice, told the board auditors issued an unmodified (clean) opinion on the district's 2024 financial statements. He summarized key figures, saying the district ended the year with a government-wide net position of about $144,000,000, an increase of roughly $19,000,000 from the prior year, and that fund-level net income across all funds was approximately $4,600,000 for the year ended June 30, 2024. Spencer said June 30 fund balance for all funds was about $132,000,000 and described those as indicators of sound fiscal management.
Spencer also noted that federal ESSER (Elementary and Secondary School Emergency Relief) funding previously available to districts has been fully spent in District 62, and he pointed to broader state-level challenges, including large unfunded pension liabilities reported for the state retirement system. He advised the board that a new accounting standard related to compensated absences will take effect next year and that the district will work through its effect with auditors.
Following the presentation, the board moved to accept the audit and approved the motion by roll-call vote.
The district's audit report and the ISBE regulatory filing (to be uploaded through IWAS) will provide a more detailed breakdown of revenues, expenditures, capital assets and long-term liabilities; auditors recommended board members review the Management Discussion and Analysis section for year-over-year context. The district will submit required regulatory reports to ISBE this week as part of the close-out process.
