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Auditors give Oldham County Schools an unmodified ("clean") opinion; board approves FY25 audit
Summary
At its March 23 meeting the Oldham County Board of Education received an independent audit for fiscal 2025 from LBMC showing an unmodified opinion, a $21 million increase in net position and no reportable federal compliance findings; the board approved the audit 5–0.
Rene Valadez, senior manager with audit firm LBMC, told the Oldham County Board of Education on March 23 that the district’s fiscal 2025 financial statements received an unmodified—commonly called a "clean"—opinion.
"The district received an unmodified or what is normally called a clean opinion," Valadez said, summarizing the firm’s audit opinion and the work underlying it. He said the district increased its net position by $21 million in fiscal 2025, bringing net position to about $141 million, and reported a general fund balance of $37.6 million.
The auditor told trustees the audit included required communications about a change in accounting principle related to compensated absences and several corrected misstatements the district has already adjusted, including retainage payable, capital-asset recordings for recently completed projects and construction-in-progress reconciliations. Valadez also reviewed the single-audit schedule of federal awards and said the district met the federal compliance requirements tested.
Board members asked for clarification about the terms and scope of the audit; Valadez described which supplementary schedules received limited procedures and reminded the board that management is responsible for the preparation and presentation of the financial statements. After discussion the board approved action item 13A accepting the fiscal year 2025 independent audit and financial report. The motion to approve was made by Ms. Sheffer and seconded by Mr. Sedillo; the vote was 5–0.
The audit materials presented to the board list the schedule of expenditures of federal awards and note amounts spent from federal sources; trustees and staff discussed those federal schedules during Q&A. The audit report and supplementary schedules in the board packet provide the detailed figures and notes that accompany the summary presented at the meeting.
The board took no further action beyond accepting the audit and directed staff to file and circulate the audit documents per standard practice.
