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Lexington 2 trustees accept unmodified audit for fiscal year ended June 30, 2024
Summary
After a presentation by auditors Greenfinney & Cauley, the board accepted an unmodified audit for FY 2023-24 and heard key financial figures including a $23.3 million total fund balance and a 18.2% unassigned fund-balance ratio.
The Lexington County School District Two Board of Trustees on Jan. 16 accepted the district's audited financial statements for the fiscal year ended June 30, 2024, after a presentation from external auditors Greenfinney & Cauley.
Andrew Coleman of Greenfinney & Cauley summarized the audit work and delivered an unmodified opinion, the highest standard for financial-statement assurance. "We did issue an unmodified opinion," Coleman told trustees. He highlighted that the district's total fund balance increased by about $1.9 million to $23.3 million as of June 30, 2024, and that the unassigned fund balance was $19.3 million, roughly 18.2% of actual expenditures, above the Government Finance Officers Association recommended minimum of 16.7%.
Coleman explained the single-audit procedures required for federal awards and said the audit found no federal compliance findings for Title I or ESSER programs in fiscal 2024. He also reviewed capital assets, depreciation expense and long-term debt balances and noted the district must consider that ESSER and other temporary federal funds are being drawn down and will need replacement in future budgets.
A trustee moved to approve the audit as presented; the motion was seconded and the board voted to accept the auditor's report. Trustees also discussed pension and OPEB contribution rates and year-to-year fringe cost pressures; auditors said the district had experienced rate increases in recent years and that they were not aware of further mandated increases at this time.
What happens next: The audit is filed in the district record; administration will continue to monitor fund balance and budget implications as ESSER funds are exhausted and prepare figures for the FY 2025-26 budget process.
