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Washoe County School District receives clean audit and accepts FY2025 ACFR
Summary
External auditors reported an unmodified opinion on Washoe County School District's FY2025 financial statements, no reportable findings, and management recorded a $4.6 million government-wide compensated-absence restatement; trustees accepted the audited ACFR 7-0.
The Washoe County School District board accepted the district's Annual Comprehensive Financial Report (ACFR) for the fiscal year ended June 30, 2025, after external auditors from Crowe LLP presented their audit results on Nov. 18.
Jeff Jensen, the engagement partner from Crowe LLP, told trustees the audit yielded an unmodified opinion on the district's financial statements — the clean opinion auditors seek — and no reportable findings or material audit adjustments. Crowe's staff reported a restatement related to the implementation of GASB Statement 101 (compensated absences): district management recorded an additional $4.6 million in government-wide leave liabilities and reflected a restatement to beginning net position on the government-wide statements. Auditors clarified that the GASB 101 change affects government-wide reporting and does not hit the operating fund balances reported at the governmental fund level.
Crowe also noted that, because the federal uniform guidance audit guide had not been issued this year, they were unable at present to conclude on federal compliance; they said they had performed about 95% of the federal-testing work and will issue the compliance opinion when the guide is released.
The audit highlights included an improved general fund ending fund balance (presented in the audit slides as increasing from $71.1 million to $74.2 million) and the district's issuance of $210 million in bonds for construction tied to the facilities program. Jeff Jensen told the board, "the financial statements received an unmodified opinion," and auditors confirmed they had no corrected or uncorrected misstatements to bring forward.
Clerk Woodley moved to accept the ACFR as recommended by the audit committee; Trustee Westlake seconded. The motion carried 7-0.
(Reporting provenance: ACFR presentation and acceptance: Washoe County School District Board meeting, SEG 668 ' SEG 994.)
