Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Audit topic
No spam. Unsubscribe anytime.
Great Valley SD audit yields unmodified "clean" opinion; district fund balance fell less than budgeted
Summary
An independent auditor told the board the district received an unmodified opinion for year ending 6/30/2025, with no current-year or repeat findings; the general fund balance declined about $6.5 million versus a budgeted $10 million drop. The audited financial report will be considered for approval next week.
The Great Valley School District received an unmodified audit opinion for the fiscal year ended June 30, 2025, auditor Joe Manfry told the board during a January work session, a result he described as a "clean audit opinion." Manfry, a partner at his firm, said the auditor also issued an unmodified opinion on federal‑award compliance after completing single‑audit procedures.
The audit found no current‑year findings or material weaknesses in internal control. Manfry noted the district implemented GASB Statement No. 101 (reporting changes to compensated‑absence accounting), which required restating prior‑year balances; he said the restatement included a $1,250,000 decrease in governmental activities net position. Management reviewed and booked proposed audit adjustments, and the auditors reported no disagreements with management.
Manfry walked the board through key financial figures: the district’s general fund balance decreased by about $6.5 million year over year; that decline was smaller than the $10 million reduction the budget had anticipated because local and state revenues came in higher than forecast. The auditor reported roughly $133 million in total general-fund revenues and about $127.2 million in total expenditures. The district reported approximately $2.37 million in federal awards; the largest program subject to testing was child nutrition, at about $1 million.
Board members sought clarification about the fund‑balance change and food‑service liquidity. Manfry replied that special‑education costs were the major spending pressure the district faced and that nonfederal revenue outperformance drove the fund balance result. He also said the food‑service fund’s current ratio improved to about 3.2 from about 2.5 the prior year.
Next steps: administration listed the audited financial report and the fund‑balance designation as items on the consent/approval agenda for the board’s next business meeting. No formal action was taken at the work session; the board will vote on approval at the scheduled business meeting.
