Auditor: district receives clean regulatory opinion as board hears bond plan and approves AFR

The Columbia CUSD 4 board received a draft audit showing a clean opinion on the regulatory basis and no federal award findings, and held a public hearing on the district's intent to issue up to $15 million in public bonds to support high-school construction.

Mr schmel, the district's auditor, told the board the audit was performed in accordance with generally accepted auditing standards and the Illinois Department of Education's regulatory requirements and that staff had given auditors full cooperation. He said the audit issues a clean regulatory opinion, and that the report lists no federal award findings or questioned costs. He emphasized the district's major cash movement in the year ended June 30, 2024 was bond proceeds and capital spending tied to the high-school renovation.

Why it matters: The board's finances reflect a recent bond financing and capital project activity. Audits and the AFR (Annual Financial Report) are primary accountability documents that show whether federal and state funds were managed properly and whether the district's financial statements materially differ from regulatory presentation.

Key points from the audit: Mr schmel said cash balances rose about $8.8 million year over year, driven by bond proceeds. The district had several outstanding bond issues and issued roughly $9,995,000 in 2024; earlier bonds (2014, 2017, 2020) will be paid off in the current fiscal year. Capitalized expenditures in fiscal 2024 included about $350,000 on a parking lot, nearly $60,000 for bathroom privacy installations, roughly $90,000 on roofing, about $98,000 on IT firewall protections, and approximately $1.5 million spent on the high-school renovation project. Total capitalized additions were about $2,293,000, the auditor said.

On operating results, the auditor reported an education-fund deficit of approximately $680,000 for the year, versus a budgeted deficit of $590,000; the difference was driven by about $134,000 of lower-than-expected revenues (including Title I dollars). Local-source revenues increased year over year—largely from property taxes—and interest income rose as bond proceeds were invested.

The auditor also reviewed pension (IMRF) disclosures and said the district's IMRF liability showed an underfunding of approximately $534,000 on an actuarial basis but noted that the plan is still more than 96% funded historically and the position has fluctuated over time.

Board action and next steps: Following the audit presentation, administration recommended approval of the 2024 AFR. The board voted to approve the AFR by roll call. Separately, the board had opened and closed a public hearing on the district's intent to issue bonds up to $15 million (no public comments were offered during the hearing). Administration said the issuance in increments is intended to match construction cash flow and preserve a flat bond-and-interest levy so property taxes would not increase as a direct result of the issuance plan.

The board discussed that further bond-related decisions and a special bond meeting were scheduled to follow (administration announced a special bond meeting on Oct. 28 at 6:00 p.m.).