Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Audit topic
No spam. Unsubscribe anytime.
Board approves audit after auditors report clean opinion, flag segregation-of-duties weakness
Summary
The Excelsior Springs School Board approved the district's annual audit after an auditor presented an unmodified opinion on financial statements, noted a roughly $400,000 net change deficit and a recurring material weakness in segregation of duties; the board voted to accept the audit.
The Excelsior Springs School Board voted to approve the district's annual audit after an independent auditor presented the financial statements and recommendations. The auditor said the financial statements "present fairly in all material respects" and that the district received a clean opinion on both the financial statements and the federal program (single) audit.
Auditor Brad summarized key figures for the board, saying the district had about $7,200,000 in unassigned general fund reserves and reported a net change in fund balance deficit of roughly $400,000 for the year. He walked trustees through fund structures (general fund, special revenue, debt service and capital projects) and noted that operating funds are about 70% salary and benefits, a common level for schools.
Brad also reviewed the reserve-ratio history, reporting a recent reserve ratio around 23%, and emphasized that the district remains above the 20% threshold auditors like to see. He told the board the district must watch reserves because they can be consumed quickly.
On compliance and controls, Brad said the audit identified a recurring material weakness related to segregation of duties; the report lists recommendations and the administration described steps already taken to implement mitigating controls and additional approvals. Brad characterized most required communication items (for example, reconciling before/after care deposits, documenting Perkins passthroughs and ensuring required budget comparative statements) as best-practice fixes rather than indications of misstatement.
Chair called for a motion to approve the audit "as presented." The motion was moved and seconded and the board recorded that the motion passed by voice vote.
The board did not change policy during the vote; Brad offered to provide the recommended procedural changes to help administration address the material weakness and the communications items flagged in the audit.
