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WCSD accepted clean audit for FY2025; auditors note restatement for expanded compensated-leave liability
Summary
External auditors issued an unmodified opinion on the Washoe County School District's FY2025 Comprehensive Financial Report; auditors reported a $4.6 million restatement tied to GASB Statement 101 (compensated absences) and no reportable findings; the board accepted the ACFR.
Washoe County School District trustees on Nov. 18 accepted the district's Annual Comprehensive Financial Report (ACFR) for the fiscal year ended June 30, 2025, after an external presentation by Crowe LLP.
Jeff Jensen, engagement partner for Crowe, said the firm gave an unmodified (clean) opinion on the district's financial statements. Auditors reported no corrected or uncorrected misstatements and no reportable internal-control findings. The firm noted that final work on federal uniform guidance compliance remains delayed nationally because the federal compliance audit guide has not been issued; auditors said they have completed approximately 95% of that work but cannot present a final federal compliance opinion until guidance is available.
A new accounting standard (GASB Statement 101) expanded the types of leave included in the compensated-absences liability; the district recorded an additional $4,600,000 in leave liability on the government-wide statements as a beginning-period restatement. Auditors noted that this restatement affects government-wide statements and does not directly change fund balances used for day-to-day budgeting.
Auditors highlighted a general-fund ending balance of roughly $74.2 million, up from $71.1 million the prior year, and noted the district issued $210 million in bonds this fiscal year to support construction programs. "The district's financial statements are presented fairly in all material respects," Crowe stated.
Clerk Woodley moved acceptance of the ACFR as recommended by the audit committee; Trustee Westlake seconded and the motion carried 7-0.
Next step: The auditors will complete federal uniform-guidance testing once the federal guide is issued and present any supplemental federal opinion when available.
