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Washington County Schools report clean FY24 audit; construction bond proceeds drive fund-balance increase
Summary
Board members were presented FY24 audited financial statements showing an unmodified opinion and a $4.41 million increase in governmental fund balances largely attributed to construction bond proceeds; the audit found no evidence of fraud and noted a year-over-year revenue decrease and higher expenditures.
The Washington County Board of Education on Nov. 18 reviewed the district's FY24 audited financial statements, which auditors delivered with an unmodified (clean) opinion and no evidence of fraud or misappropriation of funds. The board was told the district's governmental fund balances rose by $4,411,257, producing an ending governmental fund balance of $11,304,615, a change largely attributed to bond proceeds recorded in the construction fund.
Treasurer's materials showed the district's business-type activities (food service and day care) fund balances increased by $169,810 to $1,569,404, while the district's total net position decreased by $1,042,823. The board reviewed year-to-date comparisons showing overall revenues fell $108,933 versus the prior fiscal year while expenditures increased by $3,868,134.
The board also examined the Oct. 31, 2024 balance sheet line items: General Fund $5,376,411.61; Special Revenue $509,155.60; District Activity $164,902.14; Student Activity $200,206.85; Capital Outlay $211,553.81; Building $570,239.65; Construction $2,231,117.56; Debt Service $(1,120,990.83); Food Service $1,201,525.87; Day Care $795,457.58; Scholarship $3,233.31. Materials noted $77,900 in capital outlay funding and $436,450 in state-match FSPK funding to offset debt service and $3,099,245.99 in year-to-date construction fund spending.
The audit presentation was procedural; board members did not report any auditor findings related to compliance or internal-control deficiencies for major federal programs or school activity funds. The board did not take separate formal action beyond receipt of the audit materials.
