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Board accepts FY24 financial audit, auditors issue unmodified opinion
Summary
Greenville County Schools’ external auditors issued an unmodified (clean) opinion on the district’s FY24 Comprehensive Annual Financial Report; the board accepted the CAFR after a brief presentation that highlighted an increase in fund balance and other financial metrics.
Greenville County Schools’ board accepted the district’s FY24 Comprehensive Annual Financial Report following a presentation from the district’s external auditors and finance leadership.
David Pettigrew of Green and Finney Horton summarized the fiscal year: the auditors issued an unmodified (clean) opinion on the financial statements, the district’s total fund balance increased by roughly $31 million to about $255 million, and general fund revenues reached roughly $846 million. The auditors highlighted a $237 million unassigned fund balance (approximately 29% of 2024 actual expenditures), transfers to the capital projects fund (about $69 million), and that the district remains in sound financial condition while noting long‑term liabilities such as pension and retiree health obligations.
Pettigrew noted the audit included single‑audit requirements for federal programs and reported no compliance issues in the major programs reviewed (Title I and ESSER), with one ledger recording error tied to a refunding transaction that staff corrected. The presentation also described long‑term debt trending down by about $75 million due to scheduled repayments and refunding activity, and an outstanding long‑term debt balance in the hundreds of millions.
Following the presentation, administration moved to accept the FY24 CAFR as presented; the motion was seconded and the committee carried the motion. Trustees asked clarifying questions about fund balances, projected impacts as ESSER funding winds down and capital asset additions; staff provided estimates for fund balances and cost drivers such as salaries and benefits.
The acceptance formally places the FY24 audited financial statements and the auditors’ management letter in the record and directs staff to continue monitoring long‑term liabilities and implementation of internal‑control recommendations.
Sources: presentation by David Pettigrew (Green and Finney Horton) and Dr. Royster at the Greenville County Schools committee‑of‑the‑whole meeting, Nov. 11, 2024.
