Board approves FY25 audited financials showing healthy reserves, unmodified opinion and control finding

Trustees unanimously approved the audited financial statements for the year ended June 30, 2025, after a presentation by Kelly Jones of Hinton Burdick CPAs. Jones said the auditors issued a clean (unmodified) opinion on the district’s financial statements but reported a recurring significant deficiency in internal control over financial reporting related to segregation of duties, attributable to turnover in the business‑administrator office.

Jones summarized highlights from the audit: governmental funds showed a net increase of $892,000; the general fund’s unassigned fund balance was $8.5 million (about 3.5 months of expenditures, by her calculation); cash across governmental funds rose to roughly $20.5 million (noting possible timing effects); bonded debt paid down roughly $2.4 million; a new GASB standard prompted a restatement increasing the prior‑year compensated‑absences balance by about $2.3 million; and the audit of federal awards (single audit) found no federal findings.

Trustees thanked finance staff for expediting the audit during a staff transition; board members asked for follow‑up on the segregation‑of‑duties finding and for a plan to reduce large student‑activity fund carryovers at the high school. Trustee Whitaker made the motion to approve the audited statements; Trustee McFadden seconded and the vote was unanimous.

The board approved the related annual investment report in a separate motion after discussion about moving student‑activity funds from long‑term CDs into more accessible accounts when those funds are intended for current student use.