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District auditor issues clean opinion on 2024 financial statements, cites $4.2 million net position gain
Summary
The district's auditor reported a clean opinion on the 2024 financial statement audit, noted a $4.2 million increase in net position driven largely by a pension-liability decrease, and said no internal control deficiencies or federal compliance findings were identified.
The district's auditor reported to the Platte County school board that the 2024 financial statements were "fairly presented in all material respects in accordance with GAAP," and said the district saw a $4.2 million increase in net position for the year.
The auditor, speaking to the board during the work session, summarized the scope of the engagement and the procedures performed: tests of cash balances and reconciliations with local banks, review of accounts receivable and inventory, inspection of property, plant and equipment (including three Ford Explorer purchases and an auditorium completion), and confirmation with the Wyoming Department of Education and the county treasurer. The firm said roughly 10'11 auditors were assigned to the engagement.
Why it matters: the audit triggers routine reporting and compliance steps for the district. Because the district spent more than $750,000 in federal funds during fiscal 2024 the audit included single-audit procedures over major federal programs, and the auditor identified two major programs through testing (the Education Stabilization Fund and the Special Education cluster) and reported no findings of noncompliance.
The auditor also reviewed internal-control results required by government auditing standards and told the board he had no significant deficiencies or material weaknesses to report. At the fund level the auditor noted a deficit in the grant fund (described as a timing issue) and a small deficit in the food-service proprietary fund (about a $16,000 loss for the year and a $243,000 allocated net pension amount affecting that fund).
Key numbers cited by the auditor included total revenues of roughly $24,000,000 and expenses of about $21,600,000 for the year, and a net-pension-liability decrease that cut the district's share from an amount the auditor described as about $13.5 million down to roughly $9.5 million. The auditor said those actuarial changes, rather than operational changes, largely drove the increase in net position.
The auditor said the firm will submit the audit to the Wyoming Department of Education and to federal authorities ahead of the December 15 deadline. No formal board action on the audit was recorded during the work session.
"It is our opinion that they are fairly presented in all material respects in accordance with GAAP," the auditor told the board, summarizing the firm's opinion.
What happens next: the audit will be filed with state and federal oversight agencies and the board may rely on the management discussion and analysis (prepared by district staff) and the audit's footnotes for any follow-up questions or corrective actions if needed.
