Martin County Board accepts FY24 audit showing clean opinion amid a one-year fund balance dip

The Martin County Board of Education on Oct. 21 accepted the district's fiscal year 2024 audit after a presentation from Anderson Smith and Wike.

Dale Smith, an audit partner with Anderson Smith and Wike, told the board the audit included both a financial statement opinion and compliance letters. "It is a clean, unmodified opinion," Smith said, adding that the auditors found the district's records to be "reliable and free from any sort of material misstatement or errors." Smith said the audit found no internal control weaknesses or reportable compliance findings.

Smith summarized key financial figures in the presentation. He reported that the district's general fund cash and cash equivalents and total assets were approximately three million dollars and that the district recorded a decrease in fund balance of about $888,000 compared with 06/30/2023. He also reported the unassigned fund balance was the majority of the fund balance and described it as "adequate for a district this size." On the child nutrition program, the auditors reported a small net loss for the year ended 06/30/2024, reversing a prior-year profit, and noted the program still held about $1.8 million in cash at June 30, 2024.

After the presentation the chair moved to accept the audit report; the motion was seconded and approved by voice vote. Superintendent Dr. White and board members publicly thanked the finance department and school bookkeepers for their records and preparation during the audit.

The board did not identify any findings or corrective actions in the public presentation. The superintendent said she would circulate further materials in the weekly update and that the board would continue to oversee the district's financial planning during FY25.