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Audit: Petersburg schools receive clean opinion; board reviews budget and plan for $4.3M in unspent FY25 funds
Summary
An independent auditor issued an unmodified opinion on Petersburg City Public Schools' FY24–25 financial statements; the board also heard a May 2026 budget update projecting near-full expenditure by June 30 and discussed seeking city approval to use $4.3 million in unspent FY25 funds for capital projects.
An independent audit of Petersburg City Public Schools for fiscal year 2024–25 produced an unmodified (clean) opinion, the board heard June 17.
"We have issued an unmodified opinion on the school board's financial statements," David Foley, partner with Robinson Farmer Cox Associates, told the board. Foley said the audit found no material weaknesses in internal controls and no significant adjustments to the division's books during the audit process.
Foley highlighted the division's key year-end figures: general operating fund assets of $20.8 million, liabilities of $14.8 million and a fund balance of $5.9 million. He also noted total general fund revenues of $83.5 million against expenditures of $78.4 million for the year, producing a net increase in fund balance.
Board members then discussed a portion of FY25 resources that remained unspent. "4.3 million was the amount of unspent funds for FY25," Foley confirmed when asked about recorded unspent balances. Superintendent Brown and Chief Financial Officer Dr. Matias Greywood said the administration would prepare a memo for the city manager and city council documenting proposed uses — principally capital improvements the board had previously approved but could not complete in FY25.
At the same meeting, Dr. Greywood presented the May 2026 monthly budget update. He reported the Petersburg city transfer budget of $12.97 million, with $11.89 million received to date and an expected final installment of about $1.08 million. Across all funds, Dr. Greywood said the FY26 budget totaled $92.84 million with year-to-date expenses of $76.36 million and a remaining balance that the administration projected would largely be spent by June 30.
Board members asked for school-level detail on activity funds (about $452,000 total) and for a listing of capital projects the administration intends to support with the FY25 unspent funds. Dr. Greywood said the team is assembling those materials and will share a memo with the board prior to seeking the city manager's concurrence.
The board did not take a final vote on fund transfers during the meeting; members endorsed staff preparing the documentation and performing the required follow-up with the city.
