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Lockwood schools receive clean audit; district reports $356,000 net position and single‑audit requirements
Summary
Independent auditor reported a non‑modified (clean) opinion, $25.4 million in revenue and a $314,000 year‑over‑year decrease in net position; no material weaknesses were found and the district will require a single audit due to federal expenditures (~$2.86 million).
The independent auditor told the Lockwood School District Board of Trustees that this year’s financial statements received a non‑modified (clean) opinion and were free of material misstatement, and that the district’s records are reliable for fiscal decision‑making.
Tony Ghar, senior audit manager for the district's engagement firm, reported a net position of approximately $356,000 — a decrease of about $314,000 from the prior year — and total revenue of roughly $25.4 million, of which about $11.1 million came from the state and $7.5 million from property tax. Total expenses were approximately $25.7 million, with instruction the largest line item at about $8.9 million.
Ghar said auditors found no material weaknesses or significant deficiencies during internal control testing and random sampling. He also noted the district received about $2.86 million in federal expenditures this year, which triggers the requirement for a single audit under federal rules; the presenter said the district will require a single audit next year as well.
The board asked no substantive follow‑up questions about audit findings. The presentation concluded and the board proceeded to routine consent business.
