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External audit gives Trenton schools an unmodified opinion; fund balance up but charter aid complicates planning
Summary
PKF O'Connor Davies issued an unmodified opinion on the district's financial statements, reported a roughly $8.6M increase in fund balance and highlighted restricted encumbrances, capital reserves and the unpredictability of charter school aid.
An external audit presented March 23 to the Trenton Board of Education found the district’s financial statements in sound condition and issued an unmodified (clean) opinion, the auditor said.
Dave Gannon, partner at PKF O'Connor Davies LLP, told the board the audit’s prime objective is to provide an opinion on the district’s financial statements and perform federal and state single-audit testing where required. The auditor said the district received the best possible audit opinion, meaning accounting principles were properly applied and supporting documentation was…
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