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Audit shows unmodified opinion; board reviews budget outlook and staff recommends $6M bond for facilities
Summary
Auditors reported an unmodified opinion for fiscal 2024–25 but noted a prior-period restatement for cafeteria deferred revenue. The business administrator outlined a projected $1–1.6 million budget gap for 2026–27 and recommended moving forward with a roughly $6 million bond to address repaving, HVAC, security and fire-alarm projects.
An independent audit found McGuffey School District’s 2024–25 financial statements fairly presented with an unmodified opinion, but auditors reported a prior-period restatement tied to cafeteria deferred revenue and documented an internal control deficiency in financial reporting.
Nicole McCourt, manager on the engagement for Zelenkovsky Axrod LLC, told the board the audit required a restatement because deferred revenue in the cafeteria fund was not being released properly; that adjustment increased the cafeteria fund balance by about $47,000 in the restatement disclosure. The firm reported no compliance findings…
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