Auditors give Randolph County Schools a clean FY24 opinion; unassigned fund balance rises to about $5.1 million

Auditors told the Randolph County Schools board that the district received an unmodified — or clean — opinion for its fiscal year that ended June 30, 2024, citing healthy increases in net assets and revenue but noting much of the growth came from one-time stimulus funding.

“On that same day… we have what's called an unmodified or a clean opinion,” said Mr. Smith (S5), the auditor presenting the FY24 audit, adding that the audit examines the district’s financial activity, internal controls and compliance with federal requirements. He said the district’s net position increased roughly $2.7–$2.8 million from 2023 to 2024 and total revenue rose by about $4.7 million year-over-year.

The auditor reported an unassigned fund balance of about $5,100,000 at June 30, 2024, up from roughly $3.8 million in 2023. Mr. Smith said that federal expenditures for the district were nearly $12,000,000 in 2024 and that much of the year-over-year change was driven by COVID stimulus funding; those stimulus funds are expected to be exhausted during fiscal 2025.

Board members asked for clarification on the numbers and how the unassigned fund balance was being used in next year’s budget planning. Chair (S1) and finance staff discussed the balance in the context of the upcoming budget process and statutory reporting deadlines.

Why it matters: A clean audit opinion is the highest level of assurance an auditor can give and signals that, within the scope of the audit, the district’s financial statements are presented fairly. At the same time, board members were reminded that a large share of recent revenue increases came from temporary federal stimulus money that will not persist beyond FY25.

What’s next: The auditor concluded the presentation and invited questions from board members. No action was taken on the audit itself during the meeting.