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External auditor gives Warren Township HSD 121 a clean 2024 opinion; referendum bolstered reserves
Summary
Baker Tilly delivered an unmodified (clean) opinion on the district’s 2024 financial statements and found no compliance issues with ESSER funds; auditors and staff said recent referendum revenue and a board-approved $4 million transfer have strengthened the district’s fund balances.
Nick Cavallari, principal at the audit firm Baker Tilly, presented the district’s 2024 financial audit and said the firm issued an unmodified opinion—the highest level of assurance that the financial statements are materially accurate. "An unmodified audit opinion is the highest level of assurance," Cavallari said, and he reported no compliance findings and no internal control matters for the ESSER (pandemic) federal awards tested.
Cavallari walked the board through key fund balances: the district’s combined fund balance was reported at $48.6 million, with approximately $25.3 million in the educational fund and roughly $22.3 million in working cash. He said the district showed surplus receipts over expenditures in the general fund (about $14.7 million) and operations and maintenance (about $5.3 million), improvements Cavallari attributed in part to the recently passed property-tax referendum. He also noted a board-approved transfer of $4 million from operations and maintenance to the capital projects fund.
Board members thanked the auditors and business-office staff—accounting manager Roxanne Hopkins was recognized for coordinating the audit. Board questions focused on fund classifications and the tort fund; Cavallari explained the tort fund’s role in risk management and insurance-related liabilities.
The board accepted the audit presentation; there were no audit findings requiring corrective action. Administration and the auditors did not propose immediate policy changes; board members framed the clean opinion as evidence the district’s financial position has improved since the referendum.
