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Board accepts FY25 audit; auditors note restatements and one state reporting finding
Summary
External auditors delivered a clean (unmodified) FY25 opinion but reported restatements tied to accounting estimate changes (compensated absences +$460,000; depreciation estimate change ~$391,000) and a New Mexico reporting finding related to ERB contribution rates. The board approved the audit and several routine consent and policy items.
The Moriarty‑Edgewood School District board on Feb. 17 accepted the fiscal year 2025 audit after a phone presentation by the district's contracted auditors.
Terry from Accounting & Financial Solutions told the board the auditors issued an unmodified opinion on the financial statements and an in‑relation opinion for the detailed financial reports. The presentation highlighted three accounting changes the auditors said required restatement: an adjustment to compensated absences of about $460,000, a fund reclassification of roughly $40,000, and an estimated depreciation change of approximately $391,000 related to a building estimate. Terry said those items affected the government‑wide financial statements and the restatement detail appears in the audit report.
Terry also walked the board through the auditing standards sections and said the audit found no significant deficiencies or material weaknesses in internal control over financial reporting. She explained one New Mexico reporting finding in "other matters" that stemmed from ERB reporting for employees whose contribution rate should have changed when they exceeded the $24,000 threshold; auditors found the rate did not change for three employees tested.
Superintendent recommended approval of the FY25 audit report; the board moved, seconded and approved the audit by voice vote.
The board also carried routine business items during the regular meeting: approval of the Feb. 17 agenda and the Jan. 20 minutes; adoption of finance consent items 1–4; and roll‑call approval of two personnel leave policy updates (GCCA and GCD) intended to align district leave language with federal FMLA‑style provisions. During the policy roll calls five members were recorded voting 'aye' by name.
In other formal action the board approved an out‑of‑state travel request for Moriarty High School JROTC cadets to attend junior cadet leadership camp at Fort Carson, Colorado, May 31–June 5, 2026.
No litigation, major contract awards or budget appropriations were approved at the meeting.
The board adjourned at 7:31 p.m.
