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Florence County School District 5 accepts 2023-24 audit after auditor reports unmodified opinion
Summary
At its November meeting the Florence County School District 5 Board of Trustees accepted the 2023-24 fiscal audit after auditor Brenda Jackson reported an unmodified opinion and highlighted key figures including $3.25 million in the general fund and a negative net position driven by pension and OPEB liabilities.
Auditor Brenda Jackson told the Florence County School District 5 Board of Trustees on Tuesday that the district's financial statements for the year ended June 30, 2024, received an unmodified opinion, the highest level of assurance auditors issue.
'You did receive the top opinion that you can receive, what we call an unmodified opinion,' Jackson said, adding that the opinion means the statements are presented fairly in all material respects for the year ended 06/30/2024. After that presentation the board voted to accept the 2023-24 fiscal audit.
Jackson walked the board through the highlights from the audit: cash and cash equivalents were $809,000 and investments totaled $11.2 million; total assets were $23.5 million while total liabilities were $37.5 million. Much of those liabilities are long-term items required by accounting standards, she said: roughly $16.7 million is the district's share of pension liability and about $10.9 million represents OPEB (other post-employment benefits). When those long-term liabilities are recognized, the district's net position showed a deficit; excluding them, the district would report a positive net position of about $13.6 million.
On short-term liquidity, Jackson said the district's general fund balance at June 30, 2024, was $3.25 million, which she characterized as 'very good' for the district's size. Jackson noted the board had set aside funds for upcoming debt payments and capital needs, which reduced days of working capital compared with prior years but reflected a planned reserve approach.
The audit report identified one significant deficiency related to internal control over certification of digging work; Jackson said this is a common finding in smaller, rural districts and reflects staffing and segregation-of-duties limitations rather than suspected wrongdoing.
Votes at a glance: the board accepted the 2023-24 fiscal audit by voice vote after a motion to accept was made by speaker 5 and seconded by speaker 4.
The board took no further substantive budget actions at the meeting; the auditor's report and the board's acceptance conclude the formal audit process for fiscal year 2023-24.
