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Oak Creek-Franklin audit gets clean opinion; general fund rises about $2.36 million

Oak Creek-Franklin Joint School District Board of Education · December 9, 2025
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Summary

External auditors issued an unmodified opinion on the Oak Creek-Franklin Joint School District's 2024–25 financial statements, reporting a $2.36 million increase in the general fund and noting common internal-control recommendations; board approved the statements after Q&A.

Auditors from Riley, Penner & Benton told the Oak Creek-Franklin Joint School District board on Dec. 8 that they issued an unmodified (clean) opinion on the district’s 2024–25 financial statements. Katie Riley summarized the audit process and highlighted the district’s fiscal results and liabilities.

Riley said the district’s general fund increased by $2,360,000 in the year, bringing the general-fund balance to 29,870 thousand (reported in the audit materials). She reported major liabilities and estimates including outstanding general obligation (G.O.) bonds of $129,600,000, a compensated-absence liability of $1,400,000 and an OPEB liability of $6,350,000, and explained that changes in accounting standards require accrual for unused vacation and sick time.

The auditors noted the district stayed close to budget, with expenses about 2% under budget and revenues about 2% over. Riley also discussed internal-control findings, characterizing the recurring item as the district’s financial-statement preparation process — a common practice wherein many districts outsource technical financial statement preparation — and said the auditor had included that recommendation in their letter to governance. She reported no findings in the federally tested special-education (IDEA) cluster.

Board members asked staff about implications of recent tax-package proposals and the district’s handling of petty cash and dual control. Following questions, the board voted by voice to approve the audited financial statements as presented.

The board’s approval closes the formal audit review step for 2024–25; the district will receive the auditors’ written reports and management letter that further detail recommendations for internal controls and compliance.