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Auditors give Kootenai School District a clean opinion; general fund ends with $1.4M reserve
Summary
Quest CPAs reported an unmodified opinion on the district's 2023–24 financial statements and said the general fund finished the year with about $278,000 net income and an ending balance of roughly $1.4 million (about 4.5 months of reserves).
The board received an audit presentation from Tim Boyd of Quest CPAs, who said the firm issued an "unmodified opinion" on the Kootenai School District's 2023–24 financial statements. "Which is what we call an unmodified opinion in this case, meaning there are no issues, there are no material misstatements, and that the financial statements are accurate and can be relied upon by you as the board, by the state," Boyd told the board during his presentation.
Boyd walked the board through major funds on the statement of revenues, expenditures and changes in fund balances. He reported a net change in the general fund of a positive $278,000 and an ending general-fund balance of about $1,400,000, which he said equates to roughly 4.5 months of operating reserves — within the commonly recommended 3–5 month range. Boyd said the capital construction and bond redemption funds showed limited activity and that nonmajor funds had no negative balances. He closed by offering to answer follow-up questions and share supporting detail as needed.
