Albert Lea board accepts clean 2023–24 audit; general fund posts $494,000 surplus

The Albert Lea Public School District board voted to accept the district's audited financial statements for the year ended June 30, 2024, after a presentation by the district's contracted auditor. The auditor reported an unmodified (clean) opinion and said the district's records showed no exceptions in the areas of Minnesota legal compliance that were tested.

The auditor told the board that total district revenue for the year was just under $68 million, up roughly $3.7 million from the prior year, driven primarily by increased state aid (including compensatory and special education aid) and a change that shifted food-service funding to state support. The auditor reported that general fund revenues exceeded expenditures by about $494,000 and that the district's unassigned general fund balance stood at about 12.36% (roughly $7 million), consistent with district policy.

The audit presentation noted a recurring, common finding tied to the district not having a CPA on staff — the auditor described that as a frequent disclosure for districts that rely on contracted accounting services. The audit also included single-audit procedures for federal awards; the auditor said testing of the major federal program (Food Service) uncovered no compliance findings.

Board members thanked district staff and administration for providing documentation and for the work that supported the audit review. After discussion, a motion to approve the audited financial statements carried. The acceptance was recorded in the meeting minutes and the board moved on to subsequent agenda items.

The board's acceptance of the audit is a final-step statutory action for the district's financial reporting for fiscal year 2024; the audit materials were prepared by the contracted firm and are available in the board packet for members who requested the full statements for line-by-line review.