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Shorewood board accepts audited financial statements; auditor issues clean opinion
Summary
The Shorewood School Board voted Jan. 13 to accept the district's audited financial statements for the year ended June 30, 2025; Amber Drisk of CLA issued a clean opinion, reviewed fund balances and federal-aid compliance matters, and noted a routine disclosure that the auditor prepared the financial statements.
The Shorewood School Board voted Jan. 13 to accept audited financial statements for the fiscal year ended June 30, 2025, after a presentation by Amber Drisk, a principal in CliftonLarsonAllen's state and local government practice. Drisk told the board CLA would issue a clean (unmodified) audit opinion and said auditors found no compliance issues in their testing of child nutrition and general aids programs.
Drisk reviewed the district's fund-balance composition, calling the general-fund unassigned balance about $13,100,000 and noting an assigned reserve of roughly $815,000 for items such as self-insurance and retirement. She also summarized outstanding general-obligation debt at about $55,000,000 as of June 30, 2025, and identified a single finding typically disclosed when auditors prepare financial statements rather than management. "We would issue a clean, unmodified opinion," Drisk said.
The auditor noted accounting-standards changes the district addressed (GASB guidance on compensated absences) and highlighted administrative changes to federal uniform guidance effective Oct. 1, 2024, including an increased single-audit threshold (from $750,000 to $1,000,000), an increased indirect-cost rate cap and a higher equipment threshold. Drisk also urged attention to cybersecurity internal controls tied to federal funds.
After brief questions from board members about budget variances and investment maturities, the board moved to accept the audited financial statements. A board member moved the motion and it received a second; the chair called the question and the motion passed by voice vote. No further action was required at the meeting.
The acceptance confirms the district's audited reporting for FY2025 and flags areas for continued focus: internal controls, investment-policy review and planning for long-term capital needs.
