Independent auditors give Onalaska School District a clean opinion, board hears financial highlights

The district's independent auditors reported an unmodified, or "clean," opinion on the Onalaska School District's 2024 financial statements, telling the board the statements were presented fairly in all material respects.

The auditor said the district's total net position is about $53,500,000 and that governmental activities increased by roughly $9,300,000 during the year. The presenter also reported the governmental funds' combined fund balance was about $46,000,000 and that the general fund increased by roughly $2,000,000, citing conservative spending and strategic use of grant funds.

Why it matters: a clean opinion indicates the auditors found no material misstatements requiring correction and no material weaknesses in internal control, which reassures taxpayers and bond markets and clears the way for the district to continue planned capital work funded by recently received bond proceeds.

Details the board heard included that the capital projects fund decreased by about $18,000,000, a change the presenter linked to the district having received bond proceeds earlier and now spending those proceeds on capital improvements. The auditor also noted the food-service fund's net position increased by about $85,000 and pointed the board to a reconciliation explaining differences between fund-basis and government-wide statements.

The presenter walked the board through federal- and state-funding schedules: the district expended about $3,700,000 in federal awards (listed on the schedule of expenditures of federal awards) and received about $20,600,000 in state funds for fiscal year 2024, most of which was general equalization aid. The auditors reported no findings for federal or state awards and said they performed the audit under governmental auditing standards and uniform guidance.

Board members asked clarifying questions about the audit scope and the limits of a test-basis audit. The presenter reiterated that auditors test samples and cannot guarantee that every transaction is perfect but that the items tested supported the audit opinion.

The board had no required corrective actions from the audit: the presenter said there were no findings this year or in the prior year. The district will retain the audit report in the public packet and staff encouraged directors to follow up with any detailed questions about notes to the financial statements.

The board then moved on to other agenda items.