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Board hears FY25 audit with unmodified opinion; midyear budget shows small shortfall
Summary
Auditors gave the district an unmodified opinion on financial statements and compliance; the board heard year-to-date revenue/expenditure figures, learned local property tax revenues arrive in December, and accepted the budget report.
The South Van Beech School District board on Dec. 10 heard its FY25 audit and a midyear budget update and accepted the budget report.
Kirk Gilbert of Gilbert & Stewart presented the audit, telling the board the district received “an unmodified opinion,” the highest level of assurance auditors give. He highlighted a net change in fund balance of about $11.3 million and an ending fund balance near $55.9 million and said the district purchased roughly $2.6 million in capital assets this year. Gilbert also said federal-program testing (special education and Medicaid) and the review of internal controls produced no material deficiencies.
Jake summarized the budget through November — roughly 41% of the fiscal year — reporting roughly $22.0 million in revenues recorded year-to-date and noting that local property-tax revenue typically arrives in December. He said the district’s midyear update from the Utah State Board of Education showed a $133,000 decrease from prior legislative estimates, a reminder for conservative budgeting.
Board members discussed the timing of local receipts and the district’s reserves; the board moved and accepted the budget report without recorded opposition. The audit report and related documentation will be posted on the district’s business-administration page for public review, the audit committee said.
