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Echo SD 5 audit: $5.4 million in cash, no internal-control findings
Summary
The district auditor reported a clean opinion and an increase in cash to about $5.4 million, a net decrease in capital assets offset by depreciation, and a reduction in outstanding debt to about $8.1 million as of 06/30/2024.
The district's external auditor told the board the annual audit resulted in an unmodified (clean) opinion and that the district ended the year with about $5,400,000 in cash, up from $4,300,000 the prior year. "The district ended the year with about $5,400,000 in cash versus 4,300,000 the previous year," the auditor reported.
The auditor outlined fund balances and changes: approximately $3,300,000 is in the general fund (about $2,800,000 unassigned and $487,000 assigned for the 24-25 budget year), and the capital project fund held about $757,000 after a $750,000 land purchase completed after the fiscal year end. Capital assets increased by roughly $83,000 but were offset by $513,000 in depreciation for a net decrease of about $431,000. Outstanding debt was reported at about $8,100,000 as of 06/30/2024; the auditor noted subsequent debt payments may have further reduced that balance.
The auditor said there were no reportable internal-control deficiencies this year and offered a procedural recommendation related to mileage reimbursements: include supporting maps (for example, Google Maps routes) when submitting mileage claims to reduce ambiguity and back-and-forth during review. Board members asked clarifying questions and accepted the report.
