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Bold School Board approves 2024–25 audit, adopts $4.27 million levy and publishes 2025–26 budget
Summary
At its Dec. 22 meeting the Bold School Board approved the independent auditor's 2024–25 report, voted to publish the 2025–26 budget and adopted a final property tax levy of $4,273,658 for collection in 2026; the audit found no material misstatements but recommended tighter journal-entry approvals and segregation of duties.
The Bold School Board on Dec. 22 approved its independent audit for the fiscal year ending June 30, 2025, authorized publication of the 2025–26 budget and adopted the district's final property tax levy of $4,273,658 to be collected in 2026.
Justin McGrath, the presentation auditor, told the board that the audited financial statements are free from material misstatement and therefore can be relied upon for gauging district performance. "Your financial statements are free from material misstatement and can be relied upon," McGrath said during his presentation. He summarized major drivers: bond proceeds spent on construction reduced cash balances and increased capital assets, current liabilities rose due to contracts payable and retainage, and pension liabilities declined modestly as statewide plans became better funded.
The board voted by voice to approve the audit report after a motion by member Oath and a second by member Klouse; no board discussion was recorded on the motion. The board also moved and approved the publication of the 2025–26 budget; that motion was made by member Benson and seconded by member Ple.
On the audit's control findings, McGrath flagged two recurring issues common in small districts: limited segregation of duties among finance staff and missing approvals on some journal entries. He suggested the board exercise oversight by reviewing claims listings and asked the district to formalize journal-entry approval and fraud-reporting procedures to reduce risk.
The board then read and adopted ISD No. 2534's final levy for 2025 (payable 2026), which the resolution listed by fund: general fund, community service and debt service line items, totaling $4,273,658. A roll-call during the levy adoption recorded all members voting in favor.
What happens next: the clerk was authorized to certify the levy to county auditors in Renville and Kandiyohi counties and to forward the levy to the Minnesota Department of Education. The district will receive a written lab report on recent indoor-air testing and continue working through construction-related pay requests as reflected in the audit.
