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Monroe Public Schools audit finds no material weaknesses; fund balances and bond proceeds reported
Summary
External auditors gave Monroe Public Schools a clean opinion for 2023–24, reporting no material internal-control weaknesses, steady revenues, and healthy fund balances; auditors also detailed bond proceeds and capital spending.
The Monroe Public Schools Board of Education heard from external auditor Sarah Rafco of Calkins, Hale, and Rafco, who said the district's 2023–24 audit contained no material weaknesses and no instances of noncompliance in the programs tested. "This letter is as good as it gets," Rafco said while summarizing the independent auditor's opinion on internal control and compliance.
Rafco walked trustees through fund-level details: general fund revenues were reported at about $75.1 million (up roughly $2.1 million from the prior year) and expenditures about $76.7 million, leaving a decrease in general fund balance of about $1.6 million and an ending fund balance near $10.7 million — roughly 14% of operating expenses and above the district's 7% policy target. She also noted capital-project activity and bond proceeds, saying the district recorded about $13.7 million in proceeds and increased the capital projects fund balance by about $4.9 million. The audit included footnotes showing invested deposits (~$24.1 million), a net capital asset balance near $75.8 million after depreciation, and long-term debt around $58.0 million.
