Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Watertown trustees accept clean audit; district and auditors flag reserves, OPEB and capital risks
Summary
The Watertown City School District board approved a clean external audit and heard auditors and administrators describe a sizable OPEB‑driven deficit, an above‑policy unassigned fund balance and controls recommendations tied to an ongoing $110 million capital program.
The Watertown City School District board on Tuesday accepted an unmodified (clean) audit of the district’s financial statements and discussed steps to reduce an above‑policy fund balance while protecting cash flow for operations.
Auditors from Bowers and Company — Lori Pov and Lindy Hill — told the board the independent opinion was unmodified for the fiscal year ending June 30, 2025. They highlighted a general‑fund change in net position of about $2.8 million that included a $10 million transfer to the capital projects fund and reported district reserves of just over $13 million at year‑end.
The auditors also said the district’s government‑wide statements show a total net deficit of roughly $123 million driven primarily by an unfunded other post‑employment benefits (OPEB) liability. They reported total revenues near $108 million and…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
