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Sheridan County School District No. 2 board approves clean 2024–25 audit, moves $2.5 million to depreciation reserve
Summary
Trustees accepted an audit finding the district's financial statements fairly presented under GAAP, with no significant internal-control deficiencies; the board approved a $2.5 million transfer into depreciation reserves and noted a negative balance in major maintenance and a food-service deficit tied to pension liability.
The Sheridan County School District No. 2 Board of Trustees voted to accept the district's 2024'25 audit after a presentation by the district's auditors.
Lead auditor Jamie told the board that "it is our opinion that these financial statements are presented fairly in all material respects in accordance with GAAP." The audit found no significant deficiencies or material weaknesses in internal control and reported no compliance findings for the federal programs tested (special education and 21st Century programs), the auditor said.
The audit notes an unassigned general fund balance of about $15,800,000, which the presenters said is approaching the district's 30% limit. To address that, trustees had already approved a budget amendment to transfer $2,500,000 into depreciation reserves. The audit also flagged a negative balance in the major maintenance fund attributed to capital projects including HVAC work at the junior high and new tennis courts.
Auditors reported a deficit in the food-service fund primarily related to net pension liability (reported at about $579,000). The presenters characterized that deficit as comparable to other districts in the state.
Trustees praised the audit team for the thorough work and approved the audit in a voice vote. Trustee Moore suggested providing a concise, board-facing summary of the 75-page report to make the findings more accessible to trustees and the public.
Next steps: the audit documents were submitted to the Wyoming Department of Education and the state auditors per the normal process; trustees will continue fiscal monitoring tied to the budget amendment and reserve transfers.
