West Bend board accepts 2024–25 audited financial statements, affirms fund balances
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Summary
The West Bend Joint School District No. 1 board voted Jan. 12 to accept the 2024–25 audited financial statements and approve fund balance designations after hearing CliftonLarsonAllen’s presentation; auditors issued an unmodified opinion and noted one repeat finding tied to preparation of statements.
The West Bend Joint School District No. 1 board voted Jan. 12 to accept and file the 2024–25 audited financial statements and to approve the district’s fund balance designations after a presentation from CliftonLarsonAllen.
Auditor Brian Grunewald of CliftonLarsonAllen told the board the firm issued an unmodified opinion on the district’s basic financial statements and an unmodified opinion on federal and state aid compliance. "An unmodified opinion essentially means that I believe that your financial statements are complete and accurate in accordance with professional standards," Grunewald said.
The auditor walked through the district’s fund-balance categories. Committed funds were identified at $4,800,000, restricted funds at $299,000 for grant purposes, and the unassigned fund balance at $15,400,000, for a general fund total of $20,600,000 at June 30, 2025. Capital-project balances ended the year at $83,700,000, a figure auditors tied to the recent referendum work.
Grunewald also noted a repeat finding—recorded as a routine disclosure in many school-district audits—related to the preparation of the financial statements, where the auditor prepared the statements on behalf of the district. He described that condition as common in public-sector audits and said the finding is communicated as part of required governance disclosures.
Board members asked about the practical implications of recently issued accounting standards, including GASB Statement No. 101 on compensated absences; Grunewald said implementation will not change routine daily accounting entries but may require additional footnote disclosures in specific circumstances such as pending sales of district property.
Mister Hansen introduced the action and the board approved the audit and fund-balance designations by voice vote. The board president noted appreciation for the auditors’ work and partnership.
What happens next: The district will post the audit documents and fund-balance information with board materials, and administration said it remains available to answer follow-up questions.