Fremont County School District 25 accepts draft audit showing roughly $9.68 million fund balance

Brian Brown, a certified public accountant with Summit West CPA Group, told the Fremont County School District #25 board on Monday that the district’s draft financial statements for the 2024–25 fiscal year earned an unmodified, or "clean," opinion and are ready for finalization.

"An unmodified audit opinion is really the best that we can do and that's what we've done yet again for '25," Brown said, presenting the draft report and explaining that single‑audit testing was delayed only by a late Office of Management and Budget compliance supplement.

Brown told trustees the district’s general fund balance was $9,676,006.16 as of June 30, 2025. For the 12‑month period July 1, 2024, through June 30, 2025, he said the district recorded revenues in excess of expenditures of about $2.4 million. He also reported roughly $14 million in federal program expenditures and about $120.9 million in capitalized tangible assets; approximately $10 million remained in construction‑in‑progress related to recent projects.

Brown recommended the board review the management’s discussion and analysis section (pages 4–14 of the draft) for comparative context and noted the draft will be updated after required federal‑award testing (the single audit) is completed. He said the Wyoming Department of Education and the Department of Audit had accepted a draft submittal to meet the statutory December 15 timeframe while allowing a short period to finish federal testing.

A trustee moved to accept the draft audit report for fiscal year 2024–25; the motion was seconded and approved by voice vote. The board authorized staff to complete remaining single‑audit procedures and finalize the report for formal submission.

The board’s next step is completion of federal‑award testing and issuance of the final audit document; Brown said he expects the work to be wrapped up in the coming weeks.