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Auditor: Wausau School District financial statements "present fairly"; committee moves to recommend approval
Summary
An independent auditor told the committee the district's June 30, 2024 financial statements "present fairly in all material respects." The report shows a $26 million decrease in fund balance mainly due to spending bond proceeds; the committee voted to recommend the audit report to the full board.
An auditor from Hawkins Ash CPAs presented the Wausau School District's audited financial statements for the year ended June 30, 2024 to the Education Operations Committee on Dec. 16 and recommended the report for full-board approval.
"The accompanying financial statements present fairly in all material respects," the auditor said while reviewing the independent auditor's opinion and management discussion and analysis prepared by district staff. The auditor noted the audit is based on sampling and professional judgment, as customary in financial statements.
The presentation highlighted several district-level fiscal points: a reported decrease in fund balance of about $26 million that the auditor attributed mainly to spending down bond proceeds tied to a large capital-improvement program (presenters described roughly $100–$120 million borrowed for projects); a net position near $155 million; capital assets in construction and work-in-progress of about $58 million; and revenue primarily from property taxes and state aid, with operating grants (including prior COVID funds) declining as federal COVID-era funding winds down. The auditor also discussed the district's Wisconsin Retirement System (WRS) pension position, which fluctuates with markets and showed modest underfunding relative to past years.
The committee discussed the report and asked clarifying questions about long-term liabilities, fund balance percentages and how bond proceeds affect the numbers. The auditor told the committee the district's general fund balance was about 24% of one year's expenses, a level the auditor described as within his office's typical range for prudent districts.
A motion to recommend the 2023–24 audited financial statements to the full board "as presented" was moved and carried by the committee.
Next steps: The recommendation will be taken to the full board for final acceptance; the audit and its supporting reports are available via the agenda link for public review.
