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Independent audit finds no significant issues; district presents balanced preliminary 2026–27 budget modeled at 1% tax increase
Summary
Gorman & Associates reported a clean 2024–25 single audit; district staff summarized 2025–26 year‑to‑date finances and proposed a preliminary 2026–27 budget modeled at a 1% tax increase with capital spending driven by the high‑school renovation.
An independent auditor told the Pleasant Valley School District board on March 11 that the district’s 2024–25 financial statements received a clean single‑audit opinion and that the auditor found no significant federal‑award findings.
"You guys did receive a clean audit from us," said Hank Miller, partner and lead auditor from Gorman & Associates during the presentation. The audit memo summarized key budget‑to‑actual numbers for the general fund: final budgeted revenues of about $111.5 million and actual revenues of about $119 million for 2024–25; budgeted expenditures were approximately $110.8 million with actual expenditures just under $108 million, leaving a positive net change in fund balance of roughly $2.2 million and an ending general‑fund balance near $33.5 million.
Business office staff then reviewed the district’s 2025–26 status (through Feb. 28, 2026), reporting revenue and expenditure pacing that staff described as on target: local revenue collections at about 95% and federal revenues fully collected; expenditures remained under budget in key categories. Staff reported a multi‑year capital plan driven by the high‑school renovation project and noted that the district’s consolidated bond funds will draw down as the renovation proceeds.
For planning the 2026–27 preliminary budget, staff modeled a 1% tax‑rate increase (one of several scenarios shared). Under that scenario, local revenue would be about $61.6 million, state revenue $55.6 million and federal revenue $1.4 million; expense increases stem largely from health‑care cost projections, transportation and charter‑school tuition. Staff said they are building contingency assumptions around collective bargaining outcomes and uncertain federal title allocations (titles 2–4). The preliminary budget is scheduled for board adoption on April 23 and final adoption on June 18, 2026.
Next steps: the board will receive a proposed preliminary budget and tax‑rate resolution for April 23 and staff will continue monitoring state funding proposals, contract negotiations and title grant allocations.
