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Board accepts FY24-25 Annual Comprehensive Financial Report with unmodified audit opinion
Summary
Board accepted the district’s FY24-25 Annual Comprehensive Financial Report, which contained an unmodified audit opinion and reported a $120 million total fund balance with approximately $38 million unassigned.
The Fair School Board accepted the district’s FY24-25 Annual Comprehensive Financial Report (ACFR) after a staff presentation that reviewed key financial statements and audit findings.
Staff walked through the ACFR components, including statements of net position, capital-asset increases tied to construction activity, and comprehensive fund-balance detail. The report reflected $120 million in total fund balance, of which roughly $38 million is shown as unassigned or unreserved in presentation. The finance director noted the district received an unmodified audit opinion from the auditors.
Board members reviewed graphics and comparisons across five-year trends for revenues, expenditures, debt service, group insurance and workers’ compensation funds. Staff thanked the accounting director and team for closing the books and preparing the report. A motion to accept the ACFR was made and approved by voice vote.
