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Raymond #14 audit finds improvements; board approves monthly financials
Summary
An auditor from Luca reported an unmodified opinion and noted fewer and smaller audit adjustments; the board voted to approve the district's monthly financials, discussed borrowing and investments, and heard recommendations on internal controls and cyber-security.
The Raymond #14 School District board approved the monthly financial statements after Patty Rita, an auditor from Luca, presented the district's 2025 audit and management letter.
Rita told the board the district received an unmodified (clean) opinion. She said the audit identified one material weakness related to audit adjustments and two significant deficiencies: segregation of duties and preparation of the financial statements. "There were fewer material audit adjustments and they were smaller in dollar amount than they were in the 2024 audit," Rita said.
The board heard that the district received its February tax settlement, described as the largest payment before the August installment, and that the district moved $400,000 into a long-term investment account (referred to in the packet as a "Whisk" investment), bringing that account to about $1.4 million earning interest. The presenter noted routine cash disbursements and larger payouts for health insurance and staff-related expenses.
On borrowing, the board was told $842,000 remains outstanding against an approved borrowing authorization of $1 million; estimated interest cost on that borrow was cited at about $19,000. The presenter said the district's calculated fund balance was trending upward (about 6.86% reported for the period), but that targets closer to 10% remain a goal.
Rita emphasized cyber-security and recordkeeping. She said auditors had recently observed suspicious emails impacting small entities and recommended regular cyber training and careful handling of attachments. She also noted a small number of missing credit-card receipts in the audit sample and recommended consistent retention and filing of voided checks and receipts.
Board members moved and seconded approval of the financials as presented; a voice vote carried the motion. The auditor said she would return for 2026 fieldwork and that the district had shown "significant improvement" in accounting records compared with the prior year.
The board did not take any additional formal action related to the audit at the meeting; questions about debt capacity and referendum implications were discussed but no new borrowing was approved during the session.
