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Finance director reports clean FY24–25 audit and midyear budget update
Summary
Finance Director Nick Wong reported a clean FY24–25 audit completed two months ahead of the state deadline and a midyear finance update showing modest local revenue timing differences, steady state revenue growth (~2%), and payroll-related expenditure increases estimated at about $2 million for the year.
Nick Wong, the district's finance director, told the board the district received a clean audit for fiscal year 2024–25 and that the audit work finished two months ahead of the February deadline. "The audit issue has a clean audit," Wong said, thanking staff for timely documents and cross-department support.
Wong provided a midyear finance snapshot: local revenue appeared down about 3% in the December year-to-year comparison (attributed to Marion County posting timing), state revenue growth aligned with enrollment at about 2%, and initial payroll impacts showed the first four paychecks carried an additional $734,000 compared to last year — a trend Wong annualized to about $2,000,000 in increased payroll costs for the year. He said the district budgeted for the payroll increases and is monitoring expenditures.
Board members asked about the auditing firm and whether it was in-state; Wong said the firm operates in Oregon though ownership changed and the lead owner is based in Texas, and that the firm was responsive. Trustees accepted the report with no further questions.
