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Pendleton SD 16R board approves 2024–25 audit; auditors report stronger fund balance and PERS bond impact
Summary
The Pendleton School District board unanimously approved the 2024–25 financial audit, which reports a $20.2 million combined ending fund balance (up $1.6 million) and explains how Limited Tax Pension Bonds tied to PERS affect unrestricted net position.
The Pendleton School District 16R Board of Directors unanimously approved the district’s 2024–25 audit at its Jan. 12 regular meeting. Director Mason Murphy moved to approve the audit; Director Patrick Gregg seconded and the motion carried unanimously.
Auditor Kylie McClintock of Cockburn & McClintock, LLC summarized key financial highlights, saying, “No findings were noted for the financial statement audit for the current fiscal year ending June 30, 2025.” The audit shows the district’s combined governmental funds reported an ending fund balance of $20.2 million, an increase of $1.6 million from the prior year, and notes total debt obligations decreased by $4.6 million during the year.
McClintock’s presentation also explained the accounting impact of Limited Tax Pension Bonds the district issued in 2002–03 to address its Public Employees Retirement System (PERS) unfunded actuarial liability. The audit states the $25.6 million debt originally incurred for that purpose reduces the district’s reported net position; after accounting for the PERS bond obligation of $8.1 million the district reports a Total Unrestricted Position of $9.4 million (the audit notes the unrestricted position would have been $17.5 million had the bonds not been issued).
The board’s approval formalizes acceptance of the audited statements and associated notes. Director Murphy thanked Michelle Jones, Director of Business Services, for her work supporting the audit.
