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Bedford Board accepts clean fiscal audit and highlights stronger fund balance
Summary
The board accepted a clean, unmodified audit opinion for the year ended 6/30/2025, heard that a GASB accounting change produced a multi‑million‑dollar restatement across districts, and learned the district added roughly $3.6 million to its general fund balance in 2025.
The Bedford Board of Education voted to accept the district’s final fiscal year 2025 audit after an outside auditor reported a clean, unmodified opinion on the 6/30/2025 financial statements.
Daniel Clark, the signing principal for Raymond (the district’s auditing firm), told the board the audit found no material weaknesses or significant deficiencies and required no audit adjustments. Clark said one management letter item recommended improved segregation of duties—typical for smaller finance offices—and noted a statewide accounting change under GASB 101 required a restatement related to compensated absences that increased balances by "a couple of million dollars." He also said the district’s single-audit schedule of federal awards is drafted but cannot be submitted until required OMB supplemental guidance is released, a timing issue the auditor tied to a federal government delay.
The audit presentation reviewed the district’s year-end figures: total assets of about $104 million, liabilities of about $120 million, a net pension liability around $57 million and a net OPEB asset of about $9.9 million. Clark said entity-wide revenue totaled roughly $64.2 million and that the general fund reported about $55.2 million in revenues against $51.5 million in expenditures, leaving an approximately $3.6 million increase to fund balance (about 4.4 months of expenditures, per the auditors’ slides).
Board member Amy moved to accept the final audit, and the board approved the motion by roll call with all voting members present voting yes and one excused.
Why this matters: A clean audit with no material weaknesses is a routine but important accountability milestone for a district. The GASB-driven restatement and the timing hold on the single-audit report reflect broader accounting and federal reporting processes, not unique compliance failures. Officials said the district’s improved fund balance gives it flexibility for planned facility work and other priorities.
What’s next: The board accepted the audit formally and administrators said they will follow up on the single-audit submission once required federal guidance is available.
