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Auditor reports 'clean' opinions for Twin Valley SD but flags fund presentations and single‑audit items
Summary
Barber, King, Thornton & Company presented Twin Valley School District's FY2024 audit, reporting unmodified (clean) government‑wide opinions, noting modified presentation for certain major funds, and summarizing key financial changes including lower cash, increased capital assets and an improved net deficit.
The Twin Valley School District's external auditor told the school board on Jan. 13 that the district received unmodified, or "clean," opinions on government‑wide financial statements for fiscal year 2024 while certain fund presentations were modified on the fund basis.
"Based on our audit work, I can tell you that we issued unmodified or clean ordered opinions on all your opinions units which are your governmental and business type activities for statement that position that's on the full accrual basis," Tim Sawyer of Barber, King, Thornton & Company said as he summarized the firm's report. He said the auditor completed fieldwork Oct. 30 and that single‑audit testing examined the Child Nutrition cluster and emergency‑relief funding; those federal programs were included in the single‑audit submissions filed with the Federal Audit Clearinghouse and the Pennsylvania Department of Education.
Sawyer reviewed financial highlights: cash and cash equivalents declined from about $44 million to $33 million year over year while capital assets increased by roughly $14 million because of construction in progress; accounts payable decreased and the district's net deficit improved from about $40.4 million to $35.7 million, largely reflecting pension and debt‑service accounting. He reported no material weaknesses or significant deficiencies in internal control discovered during the audit and noted there were no uncorrected misstatements.
Board members thanked the auditor and asked staff to follow up with Tracy (finance staff) on specific balances. The audit report will remain part of the district's public financial record and the administration said it will provide any requested backup documentation to the board and public upon routine request.
Next steps: administration offered to provide detailed schedules and to respond to any board questions outside the meeting; board members indicated satisfaction with the audit presentation.
