Board adopts audit; auditors report clean opinion, reserves improve

The Stewartville Public School District board unanimously voted to adopt the district audit after a presentation by auditors.

Andy Collier of Schaeffer (Smith & Schafer) told the board the financial statements were in draft but "our audit opinion will be a clean, unmodified opinion," and summarized key figures: average daily membership (ADM) was 1,985 (down 28 from the prior year), total revenue was $32,526,000 (down about $750,000 largely as federal COVID-era funds wound down) and total expenditures were $32,442,000 (down about $650,000). The general fund used about $370,000 of fund balance in the year, while the unassigned fund balance increased to roughly 10.4% of current-year expenditures (up from 9.6%).

Collier outlined revenue drivers and fund detail: property taxes were roughly $5 million; state aids provided the largest share and increased modestly in several categories; federal aid decreased as pandemic-era funding lapsed. Food service finished the year with a healthier position, adding about $140,000 to its fund balance and holding just over $1 million in reserves. The auditor also reported a debt-service set-aside (~$587,000) and an actuarially determined post-employment liability of about $2.9 million against nearly $1 million in related assets.

After discussion, Mr. Geist moved to adopt the audit and Mr. Laumann seconded; the motion passed on a roll-call vote, 7–0.

Next steps: the audit will be finalized and posted; the board acknowledged district business office staff for their work preparing the records used by auditors.