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Southerland board accepts 2023–24 audit showing clean opinion, notes controls to tighten
Summary
The Southerland Public Schools board accepted the district's 2023–24 audited financial statements, which carried an unmodified opinion. Auditors highlighted modest general fund growth, transportation and nutrition fund details, and recommended internal‑control improvements including dual signatures and segregation of duties.
The Southerland Public schools board voted to accept the district's audited financial statements for the year ended August 2024, the auditor reported an unmodified (clean) opinion.
The auditor told trustees that general fund revenues were "a little over six million" and ran about $43,000 higher than expenses, producing a slight increase in general fund cash. The audit showed total district cash of about $4.2 million and roughly 5.2 months of operating reserves in the general fund, a level the auditor said is within the typical three‑ to six‑month target range.
The report noted state aid and tax receipts as the primary drivers of a nearly $496,000 increase in governmental receipts year over year, while expenses rose approximately $310,000. The nutrition fund ended the year with a $4,200 positive balance after a transfer of $51,000 from the general fund. Capital purchases and a reduction in long‑term lease obligations were also summarized in the management discussion.
Auditors described minor audit adjustments: two entries reduced the general fund balance by $13,800 while an adjustment increased building fund County Treasurer cash by $23,000. They also described the district's actuarially measured pension liabilities and how discount‑rate changes could swing the projected liability materially over time.
In its mandated letter, auditors recommended that the district improve documentation and internal controls, citing instances such as one check with a single signature and incomplete minute documentation for some purchases. "Segregation of duties is always an issue in smaller organizations," the auditor said, and recommended heightened board oversight of monthly financial reports and approval processes to mitigate risk.
Board members thanked the district bookkeeper for the work that led to the clean audit. The board approved the audit by roll call vote.
The board will receive the full audited financial statements and the auditor's letter and has been asked to note and act on the recommended internal‑control items when practical.
