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Riverview auditor delivers clean opinion; district shows multi‑million dollar fund balances
Summary
The district's independent auditor reported an unmodified ("clean") opinion on the 2023–24 financial statements and highlighted $27.9 million in general‑fund revenue, an unassigned fund balance of about $1.8 million and committed capital reserves of about $5.2 million.
Justin Vincheri, the district's independent auditor, told the board the 2023–24 audit received an unmodified, or "clean," opinion.
"We issued an unmodified opinion for the independent auditor's report," Vincheri said during the March study session, summarizing key sections of the 06/30/2024 financial statements.
The audit review showed total general‑fund revenues of about $27.9 million and expenditures of about $25.8 million, producing a year‑over‑year increase in fund balance of roughly $2.1 million. Vincheri outlined fund‑balance categories the district carries into planning: nonspendable (about $260,000), committed reserves roughly $5.2 million set aside for capital and retirement, assigned funds of about $3.5 million and an unassigned balance near $1.8 million.
Vincheri also reviewed the capital projects fund (ending balance about $4.9 million), highlighted a net pension liability of roughly $30.1 million (the district's proportional share is small) and reported general obligation bonds outstanding near $20.8 million with principal reductions of about $945,000 in the year.
The auditor noted federal expenditures above the single‑audit threshold: the district spent more than $750,000 in federal funds during the year (total federal expenditures about $942,000) and underwent a single audit with no findings reported for the major program tested (IDEA special education cluster).
Superintendent (Speaker 1) and board members thanked Vincheri for the concise overview. Following the presentation, the meeting moved on to the district's master‑planning presentation and community discussion; no formal board action on the audit was recorded in the study session transcript.
What this means: A clean audit indicates the financial statements present fairly in all material respects under the applicable accounting framework. The district retains committed capital reserves and an unassigned cushion but continues to carry long‑term liabilities (pension and debt) that factor into future budgeting and any potential bond decisions.
