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Wayzata audit: clean opinions, GASB 101 boosts compensated‑absence liability by about $20M
Summary
External auditors reported clean financial and Minnesota legal compliance opinions for fiscal 2025, while a new GASB 101 accounting change increased the district's compensated‑absence liability by about $20 million; board members praised the finance team and will review final federal single‑audit items when the federal compliance supplement is issued.
Jackie Heagle, partner in charge of the audit at LB Carlson, told the Wayzata Public School District board in a Nov. 24 work session that auditors issued a clean opinion on the district's basic financial statements for the year ended June 30, 2025, and identified no material weaknesses or instances of noncompliance in Minnesota legal compliance testing. "For the audit results over that district financial audit, clean opinion on that basic financial statement," Heagle said.
Heagle and district finance staff emphasized that federal single‑audit opinions have been delayed because the federal compliance supplement has not been released. "So all the federal audits are delayed," Heagle said, adding that the Minnesota Department of Education (MDE) has issued extensions through March and that the board will receive the federal‑awards schedule and related opinions when the supplement is published.
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