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Faribault board accepts unmodified audit, hears questions about controls and fund balance
Summary
The Faribault Public Schools board received a clean (unmodified) audit for FY24–25 and approved the audit report 6–1; auditors noted no current findings on tested federal programs and highlighted common internal-control overlaps and a healthy unassigned fund balance above district policy.
The Faribault Public Schools board on Nov. 24 accepted an independent auditor's unmodified opinion on the district's financial statements for the year ending June 30, 2025, voting 6'to'1 to approve the audit report.
Caroline Stutzman, the audit partner, told the board the auditors obtained "reasonable assurance that the financial statements are free of material misstatement" and issued the highest level of opinion. She said single-audit test work on a draft compliance supplement — covering Title I, the special education cluster and comprehensive literacy grants — had found no reportable findings so far.
Stutzman also reviewed enrollment and revenue drivers, saying resident ADM decreased slightly but revenues remained "pretty consistent" with some components rising. She reported the district's unassigned fund balance ended the year in a positive position and that the district's unassigned balance represented about 18.8% under one internal calculation and about 14% by the state's measure, both above the district's 9.5% fund balance policy.
Board members asked about administrative-cost ratios and timing of materials. In response to Director Moore, Stutzman said the district's share of school administration costs was about 4%, slightly under the state average of roughly 5%.
Director Robichaud moved to accept the audit report; Director Steeves seconded. The motion passed 6'to'1.
What happens next: auditors will finalize any single-audit items once the state compliance supplement is issued and the district will proceed with budget and financial planning at the Dec. 1 truth-in-taxation meeting.
