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McGuffey District auditors issue clean opinion for fiscal year ending June 30, 2023
Summary
Independent auditors reported an unqualified (clean) opinion on McGuffey School District’s FY2022–23 financial statements and federal expenditures, noting a modest increase in the general fund balance and lower‑than‑budgeted expenditures that produced a favorable variance.
An independent audit presented July 18 found no qualifications on McGuffey School District’s financial statements for the year ended June 30, 2023, the auditor told the board.
"Our opinion is an unqualified opinion on the financial statements," Steven Needenberger of Hozak, Speck, Neutsel & Wood said, calling it a "clean audit report." He also said the audit produced an unqualified opinion on federal program expenditures tested under the single audit.
The audit materials in the board packet show governmental funds including a general fund with approximately $10.8 million in assets and an ending fund balance near $5.5 million as of June 30, 2023. The capital projects fund showed roughly $2.2 million in assets and a restricted fund balance near $1.9 million; the debt service fund carried about $453,000 in both assets and restricted balance. The long‑term debt footnote disclosed general obligation bonds outstanding of about $34.5 million and other liabilities noted in the report.
Needenberger walked the board through budget‑to‑actual exhibits, saying the district recognized roughly $34.3 million in general fund revenues and spent about $34.3 million as well, producing a favorable variance versus the budgeted use of fund balance and resulting in a net increase in fund balance of about $43,000 for the year. He also noted the food service proprietary fund showed a small positive change and that the student activities fiduciary holdings were around $68,000.
Board members asked routine questions about recommended fund balance levels. Needenberger said a historical rule of thumb had been about 10% of expenditures but that post‑COVID revenue streams and rising costs have changed that expectation and that the state does not mandate a specific percentage. He urged the board to consult the detailed exhibits in the audit report for line‑by‑line context.
The board did not take further action during the presentation; the audit was on the business agenda for approval later in the meeting.
