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Auditor: District posts positive net change, no federal findings in FY2025 audit
Summary
Independent auditor Joe Montgomery reported a positive $2.4 million change in net position for the fiscal year ended 6/30/2025, attributed to bond proceeds and one‑time shifts from ESSER funds, and said the single audit found no federal findings or questioned costs.
Joe Montgomery, the district’s independent auditor, presented the fiscal year 2025 audit and said the financial statements were not materially misstated. "It is what we call a modified opinion, and it's a clean opinion on your financial statements that they are not material misstated as presented," Montgomery told the board.
Montgomery walked the board through key totals: combined assets and deferred outflows of about $104.5 million (an increase about $6.2 million), total expenses reported near $44.1 million and total revenues near $46.4 million, producing a positive change in net position of about $2.4 million for the year ended 06/30/2025. He attributed an increase in cash to bond proceeds issued for construction projects and noted state‑required entries such as net pension and OPEB liabilities that affect balance‑sheet presentation but are not cash payments.
The auditor also summarized federal award activity and the single audit, reporting total federal financial assistance expended of about $6.9 million in 2025 (down roughly $3.3 million from 2024) and saying the district had no findings or questioned costs in the schedule of findings and questioned costs. Montgomery said delays in the federal guidance (OMB Circular A‑133 timing) pushed audit completion schedules but did not change the audit conclusions.
The board voted to approve the audit and authorized submission to the Kentucky Department of Education.
