Centennial SD audit: clean opinion despite delayed FY2024 report; audited statements to be presented Sept. 30

Carl Hogan, the independent auditor who presented remotely, told the Centennial School District finance committee that the June 30, 2024 financial statements received an unmodified (clean) auditor's opinion despite a delayed delivery.

Hogan said the delay stemmed from staffing and transition issues at the prior audit firm and that engagement with CLA produced the competent personnel needed to complete the work. "The district continues to trend positively with respect to their financial position," Hogan said, summarizing the audit results and required supplementary information.

Why it matters: The report affirms that the district's year‑end statements were fairly presented and that management's financial reporting remains reliable, a prerequisite for budget planning and for the board's acceptance of the audit on Sept. 30.

Key findings and figures: Hogan highlighted several points that affect near‑term budgeting. General fund expenditures were nearly in line with a $140 million budget; the district transferred an additional $3 million into the debt service fund to smooth future payments. Hogan said the district reported roughly $12 million in total fund balance, of which about $10.1 million was unassigned and $2.5 million was an employer retirement rate stabilization reserve. On the food service side, the fund showed a positive change in net position of about $778,000.

Hogan also reviewed federal award considerations: multiple programs (Title I, child nutrition cluster, special education cluster and IDEA) exceeded the FY2024 $750,000 threshold and will be considered for major‑program testing. He noted the federal threshold will move to $1 million for the next audit cycle and described the district's expected rotation for single‑audit testing.

Committee response and next steps: During a brief question-and-answer period, committee members sought clarification about the A/B program classifications and the upcoming threshold change. A board member praised the report: "Clean audit looks great," Mr. Heartline said. Hogan said he will present the same findings to the full board at the Sept. 30 meeting and that the district and the new audit team are working to accelerate the June 30, 2025 audit timeline.

The finance committee took no immediate action at the Sept. 11 meeting; staff will place the audited financial statements on the Sept. 30 board agenda for formal acceptance.