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Auditors give Elizabeth School District a clean opinion on financial statements but flag material weaknesses and budget shortfalls
Summary
Wall Smith Bateman issued an unmodified opinion on Elizabeth School District’s financial statements for fiscal year 2025 but identified material weaknesses in internal controls related to budgetary compliance and capital/lease accounting, noted a TABOR reserve shortfall and a large pension-related liability.
Wall Smith Bateman auditors presented the independent audit for the year ended June 30, 2025. The auditors issued an unmodified (clean) opinion on the district’s financial statements but described two primary internal-control findings: (1) budgetary compliance and fund-balance policy weakness that left the general fund below the TABOR emergency reserve requirement (ending general fund balance $680,000 vs TABOR required $813,000…
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