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External auditor reports clean opinion; Harmony board approves annual financial and compliance report
Summary
An external audit team reported an unmodified (clean) opinion on Harmony Public Schools' consolidated FY2025 financial statements, and the board approved the Annual Financial and Compliance Report after questions about state aid estimates and federal compliance supplement timing.
An external audit team told the Harmony Public Schools board that its consolidated FY2025 financial statements received an unmodified (clean) opinion, and trustees voted to approve the district's Annual Financial and Compliance Report (AFR).
The auditor summarized the engagement and testing performed, including internal-control testing, substantive year-end procedures and single-audit compliance work across major federal programs. "Harmony Public School is getting a clean opinion," the auditor said, adding there were no internal-control findings or compliance findings based on the procedures performed.
The presentation included consolidated totals the auditor highlighted for trustees: total assets of about $1.4 billion, total liabilities of about $1.1 billion (including roughly $710 million in bonds payable, $124 million in lease liabilities and $162 million in notes/credit lines) and ending net assets of about $245 million. Revenues for the year were presented in the range of roughly $612 million with expenses around $577 million.
Board members asked whether the auditor's state-aid figures were the district's estimate or the state's. The audit team clarified that state aid is a state-level calculation based on attendance inputs and that auditors test the district's attendance and related inputs rather than producing the state estimate themselves. The auditor also cautioned that the finalized single-audit report depends on a federal compliance supplement that had not been released at the time of the presentation, and that delay would affect final issuance timing.
After the presentation and brief questions, a trustee moved to approve the AFR as submitted by the independent auditor. The motion was seconded and approved by the board.
The board was told the audit team used standard procedures including confirmations with financial institutions and compliance testing of major federal programs (Title I Part A, Title II Part A, Title IV Part A and related transfers). The auditor said the opinion and the absence of findings provide reasonable assurance there were no material misstatements in the consolidated financial statements.
The board's approval concludes the local review step; staff will proceed with any required filings once the federal compliance supplement and state audit-application processes permit final submission.
