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External auditor gives RSU 14 an unmodified opinion; fund balance grows about $1 million
Summary
RHR Smith delivered an FY2024 audit for RSU 14 showing an unmodified opinion and an approximate $1 million year-over-year increase in carryover/fund balance; auditor recommended shoring up capital reserves amid ongoing renovation and future HVAC needs.
RHR Smith and Company presented RSU 14's FY2024 audit to the Wyndham Raymond School Board on Dec. 18, reporting an "unmodified opinion" on the district's financial statements and explaining fund and capital activity that affected reserves.
"You'll receive that unmodified opinion for us for 06/30/2024," Ron Smith (speaker 10), principal at RHR Smith and Company, told the board. He said the district's governmental carryover balance was approximately $11.8 million, up about $1 million from the prior year, and that the increase reflected underspending in cost centers including regular instruction and special education, as well as investment earnings and grant activity.
Smith detailed capital and grant transactions, including roughly $3.5 million of federal funds flowed through the district for renovation work and a large renovation project budgeted in the tens of millions. He noted that the district previously allocated funds into capital reserves for renovation and recommended prioritizing replenishing capital reserves while unassigned fund balance remains available.
The auditor also described the district's single-audit work for federal programs; this year auditors tested the food service program and found no reportable findings for those programs. Smith said the audit process included testing federal programs above the required thresholds.
District administration confirmed the net change in fund balance reported in the audit as about $936,000 and told the board that some of the carryover is designated for bond/construction projects; the board and administration discussed using unassigned fund balance for an upcoming Raymond Elementary HVAC project.
Administrators and the auditor also discussed the audit timeline and state compliance: administration said the audit must be uploaded to the Department of Education by the end of the calendar year or by Jan. 1 to meet statutory requirements.
Ron Smith fielded follow-up questions and offered to be available for additional clarification after the audit is posted to the district website.
No formal vote was required on the auditor's presentation; board members were invited to review the full written audit report provided to board packets.
