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Auditor issues clean opinion; district shows modest operating surplus and capital reserves
Summary
Auditors issued an unmodified opinion for the fiscal year ended June 30, 2025, and the district reported an operating surplus of about $589,000 and capital projects fund balance of approximately $18.1 million; a GASB change increased compensated-absence liabilities by about $5.7 million but did not affect cash flow.
Auditors from Barbara King Thornton told the Haverford Township School District board on Dec. 4 that they are issuing an unmodified (clean) opinion on the district’s financial statements for the year ended June 30, 2025, and on compliance with major federal programs (the single audit).
The auditors said they identified no material weaknesses, significant deficiencies or other reportable matters. They called attention to a Governmental Accounting Standards Board measurement change that requires districts to estimate how much accrued but unused sick and vacation time…
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