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Northern Cambria auditor issues clean opinion, flags long-term pension and OPEB liabilities
Summary
An independent auditor told the Northern Cambria School District board that the FY2023-24 audit carried an unmodified opinion and that the general fund balance fell to $3.295 million largely because of transfers to capital reserves; the audit also highlights a $21.12M net pension liability and nearly $3.9M in OPEB obligations.
The Northern Cambria School Districtboard heard the results of the districts FY2023-24 audit at its public meeting, where the auditor issued an unmodified opinion and reviewed shifts in fund balances and long-term liabilities. Mark, the presenter, told the board that the audits financial statements were presented in conformity with professional standards and contained no departures.
The auditor said the district closed FY23-24 with a general fund balance of $3,295,000, a decrease of about $1.7 million (roughly 34%) from the prior year. He said the bulk of that decline reflected transfers from the general fund into the capital reserve fund and capital project fund rather than increased payments to outside vendors: "You actually moved money within the district to one earmarked pot for capital…
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