Lakeville district receives unmodified FY24 audit; fund balance rises to $16.3 million

The Lakeville Area Schools Board of Education heard its fiscal 2024 audit and voted to accept the report after auditors issued an unmodified opinion — the highest level of assurance. Caroline Stutzman, the engagement partner from Bergen KTV, summarized revenue and fund‑balance changes and said auditors found no Minnesota legal compliance findings or single‑audit findings for federal programs tested.

Stutzman reported that general fund revenues increased by about 13% year over year, driven by a combination of a voter‑approved levy, a 4% increase in the state formula allowance, and increased pupil units. Federal revenue decreased as COVID‑era funding tapered. The district’s total fund balance was reported at $16,300,000, with the unassigned portion ending the year just under $7,000,000 — approximately 3.7% of general fund expenditures compared with the district’s 5% fund balance target.

Board members asked for context about the size of the increase in revenues versus enrollment growth; Director Thompson noted roughly a 733‑student increase over four years and asked how that aligned with nearly $50 million more in revenue over that period, calling for separate follow‑up discussion. Auditors and staff said multiple factors contribute to fund changes, including the phase‑out of COVID funding, inflation and contract settlements, the opening of new facilities, and other ongoing costs.

The board moved to accept the audit; the motion carried. Administration and finance staff said they will continue discussions on fund‑balance targets and bring details to future work sessions.