Tangipahoa Parish finance committee hears clean 2024–25 audit; fund balance improves

TANGIPAHOA PARISH — Auditors from Erickson and Krentel presented highlights of the Tangipahoa Parish School Board’s 2024–25 financial audit to the finance committee on Feb. 3, saying the firm issued an unmodified opinion dated Dec. 12, 2025, and found no material misstatements in the district’s financial statements.

"Our report was an unmodified opinion, or basically clean, dated 12/12/2025," said Tanny Buddy of Erickson and Krentel during his presentation. He said the audit covered financial statements for the year ended June 30, 2025, and was conducted in accordance with U.S. GAAP and applicable government auditing standards.

Buddy told the committee that, compared with the prior year, the district showed about a $14,000,000 decrease in assets and a $20,000,000 decrease in liabilities, producing an approximate $6,000,000 increase in total fund balance — nearly a 5% improvement in net position in one year. He also said the district’s total restricted fund balance was about $123,000,000 with a total fund balance of roughly $160,000,000 (about 77% restricted); approximately 15% of the fund balance was unassigned and available for general-purpose use.

The auditor highlighted a maintenance account deficit of about $6,000,000 that appears to be subsidized by general fund resources, explaining this explains an observed deficit in that restricted maintenance account compared with the prior year. Buddy said the district is involved in multiple retirement systems; actuarial valuations of OPEB and pension liabilities can make near-term liabilities appear larger on the statement of financial position.

On internal control testing and compliance with federal programs, Buddy said the firm’s tests disclosed no internal control material weaknesses, significant deficiencies or noncompliance with federal award requirements. He further noted that the firm’s agreed‑upon procedures (management AUP) disclosed no exceptions for Tangipahoa Parish School Board in areas where other entities typically have findings.

The auditor also described the effect of a delayed OMB compliance supplement, which shortened the audit timeline, and said the Legislative Auditor extended the district’s reporting deadline; despite that, the engagement produced the dated, unmodified opinion. The presentation concluded with an invitation for questions; committee members thanked the auditors and noted the district’s long record of favorable audits.

The committee did not take formal action on the audit report at this meeting; the audit was presented as part of new business and will accompany the board materials distributed to governance.