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External audit gives Hastings district an unmodified opinion; fund balance rises by about $944,000
Summary
PKF O'Connor Davies delivered an unmodified (clean) opinion on the district's FY2024-25 financial statements and found no material weaknesses in internal controls; the audit recorded a revenue surplus of about $2.2 million and a net increase in general fund balance of $944,000 to $14.23 million.
Jeffrey Shaver, partner at PKF O'Connor Davies, presented the district's year-end audit for the fiscal year ended June 30, 2025, and reported an unmodified ("clean") opinion on the financial statements and a clean report on internal controls.
"We have issued what's known as an unmodified report on the financial statements," Shaver said. He told the board auditors found no material weaknesses or significant deficiencies in the district's internal controls during the audit. The audit team also issued the required extra-classroom activities report and noted the district fell below the federal single-audit threshold for the year.
Shaver summarized financial highlights: budgeted revenues were about $58.1 million and actual revenues were roughly $60.37 million, a favorable variance of about $2.2 million driven by stronger-than-expected sales-tax receipts, tuition and investment earnings; state aid was about $459,000 more than anticipated and a FEMA receipt of roughly $200,000 contributed to the surplus. Expenditures were slightly below budget, producing a budgetary variance (underspend) and a total budgetary surplus of about $2.6 million. After encumbrances and transfers, the audited increase in the general fund balance was $944,000, leaving a June 30 balance of about $14.23 million, largely in restricted reserves.
Board members thanked the finance staff for preparing the district for an efficient audit and noted the result gives the district flexibility in capital planning.
