External auditor gives Green Bay Area schools a clean opinion; district fund balance highlighted

John Toutman, the CliftonLarsonAllen principal who conducted the district audit, told the school board the firm’s report contains an unmodified opinion and “in our opinion, the financial statements referred to above present fairly in all material respects the respective financial position” of the district as of June 30, 2024. The auditor called that an unmodified, or clean, opinion and praised the district’s internal controls.

Toutman walked trustees through the basic financial statements and said the district’s total governmental fund balance at June 30, 2024 was reported as 70,241,715. He said the unassigned reserve — the portion available for general use — was 56,144,000, which converts to a robust reserve when compared with roughly 120 million in annual expenditures. “You have a very healthy fund balance,” Toutman said, noting healthy reserves help with cash‑flow challenges and can positively influence bond ratings.

Toutman also previewed GASB 101 implementation for the coming year, explaining it will bring compensated absences (sick leave, comp time and similar items) onto government financial statements under a new estimation approach. “The liability will increase,” he said, and districts will need to estimate how much leave is more likely than not to be used rather than recording only amounts that are already vested or certain to be paid.

Board members asked questions about the bond‑rating implications and the mechanics of the GASB change. The auditor recommended careful planning for the 24‑25 fiscal close and said district staff already keep much of the needed data in payroll and HR systems.

Next steps: the board did not take formal action on the audit at this work session; routine acceptance or formal approval typically occurs on a subsequent meeting agenda.