Ambridge Area School District accepts auditor's report showing stronger-than-budgeted revenues, outlines follow-ups
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Summary
Auditors told the board the district ended 2024'025 with revenues exceeding expenditures by about $2.78 million, an unassigned general-fund balance of roughly $4.77 million (about 8% of budgeted expenditures) and no material control weaknesses in the child nutrition program; the board accepted the final auditor's report and asked staff for follow-up details on charter payments and leased equipment.
Peter Vincheri, the auditor who presented a condensed summary of the district's 2024'025 financial audit, told the Ambridge Area School District Board that the firm's opinion letter concludes the financial statements are "fairly presented in all material respects" under generally accepted accounting principles. Vincheri said auditors performed the single-audit procedures required for entities that expend federal funds and found no material weaknesses related to the child nutrition cluster the team tested.
The presentation highlighted key figures: an assigned fund balance of about $10,010,000 and an unassigned fund balance of roughly $4,766,000, which Vincheri said is approximately 8% of budgeted expenditures (the range the Government Finance Officers Association commonly recommends varies by district size). Total general-fund revenues were presented as about $55.9 million against expenses of about $53.0 million, producing a positive change in fund balance near $2.78 million for the year. The capital projects fund held just under $2.0 million and the auditors reported general obligation bonds outstanding in the mid- tens of millions (audit notes list outstanding principal and scheduled paydowns; the audit summary to the board listed approximately $44.8 million outstanding and principal paid of about $4.3 million during the year).
Vincheri also described actuarial liabilities reported on the government-wide statements: the district's share of the statewide pension liability is a large actuarial figure but represents a small percentage allocation of the statewide total; district-recorded post-employment benefit liabilities tied to the district plan were described in the audit notes. He said federal expenditures in 2024'025 totaled about $3.6 million and that only a small portion represented COVID-era funds.
Board members asked follow-up questions about continuing lease obligations (the auditor said copier leases are nearly paid off) and about the breakdown of charter-school payments. Vincheri and district staff said staff will provide more detailed line-item breakdowns and supporting footnotes from the full 90-page report. The board voted to accept the 2024'025 final auditor's report during the finance and budget portion of the meeting.
The board directed staff to provide additional clarifications on charter-school costs, the status of equipment leases and the detailed bond payment schedule noted in the audit footnotes; those items will be followed up with staff and the solicitor as requested at the meeting. The auditor emphasized he is available to answer further questions on the full report.