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External auditor issues clean opinion on North Middlesex FY25 finances
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Summary
CBIZ auditor Rebecca Gamsby told the school committee the district's fiscal 2025 financial statements and federal awards schedule received an unmodified (clean) opinion; major points included a general fund balance increase, large net OPEB liability, and GASB 101 implementation effects.
Rebecca Gamsby, director with CBIZ, presented the audit of the district's FY25 financial statements and the schedule of expenditures of federal awards. Gamsby said the auditors issued an unmodified (clean) opinion and reported no findings or instances of noncompliance for the audit period ending June 30, 2025.
Gamsby summarized key figures: the district reported a net position deficit of about $50.7 million driven largely by long‑term accruals and an estimated net OPEB liability of $87 million; the general fund's year‑end fund balance was about $7.2 million with an unassigned fund balance of $3.8 million. Implementation of GASB 101 (compensated absences) added roughly $2.4 million in the current year and did not require a restatement.
The auditor also noted the district spent about $3.0 million of federal funds in FY25, with the special education cluster audited as a major program; CBIZ issued a clean opinion on that report as well. Gamsby closed by thanking the business office for cooperation and said the audit reports are posted on the district website.
Committee members thanked the auditor and asked finance subcommittee members and administrators to review the details in the audit packet; no formal motions were required. Finance members said a clean opinion reassures the committee as it considers reserve balances, pre‑purchasing options and fiscal planning for FY27.
