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Fayetteville City Schools board approves FY24 audit, clears backlog of invoices
Summary
The board accepted an unmodified FY24 audit opinion and approved a set of previously held invoices while discussing bond proceeds and long-term debt. The audit showed a nearly $1.0M positive general fund change and a $10.17M capital projects increase tied to county bond proceeds.
The Fayetteville City Schools board voted Thursday to accept the district’s fiscal year 2024 audit, and approved payment of a backlog of invoices the finance committee had been holding while awaiting grant and reimbursement approvals.
Paul Young, the external auditor invited to present the report, told the board the financial statements received an unmodified opinion. "Our opinion on the statements is unmodified," Young said, and he reported no material weaknesses in internal control and no reportable noncompliance with laws and regulations. He further said the district’s single-audit for federal programs — centered on the child nutrition cluster — also received an unmodified opinion.
Young highlighted several fiscal-year figures the board discussed: a $975,268 positive net change in the general fund, a drop in federal/title fund revenues from roughly $2.9 million the prior year to about $1.04 million this year, and a $10,171,000 positive change in the capital projects fund driven largely by county bond proceeds. Young told the board the capital funds were largely unspent and held in interest-bearing accounts.
Board members queried long-term-debt schedules and the Snyder project lease. Discussion noted the district still carries roughly $3.5 million of that bond and annual payments of about $300,000, and members said it can be financially sensible to carry low-rate debt while earning higher returns on invested bond proceeds.
After the presentation and a brief question-and-answer period, a motion to approve the FY24 audit passed by voice vote. The board also approved the audit of internal school (activity) funds on a separate motion.
The finance committee then moved to clear a series of held invoices to align the district’s accounts while FEMA and other reimbursements remain pending. The board approved payment of invoices numbered 18R–26R, including: $19,006.08 (18R); $17,009.58 (19R); $18,002.04 (20R); $6,322.50 (21R); $9,840.00 (23R); $111,003.16 (24R); $4,674.00 (25R); and $5,412.00 (26R). Approvals were recorded as voice votes.
Superintendent Jones and committee members said they are watching the status of a FEMA grant that, if finalized, would allow reimbursement for paused invoices and reduce short-term pressure on district cash flow. The board authorized staff to proceed with steps expected to put the district in position to receive reimbursable funds.
The board closed the finance items by reiterating that the FY24 audit is available to members in full and thanking the auditor for the review. The motions were all approved by voice vote with no roll-call tallies recorded in the transcript.
