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District audit gives Skokie SD 68 an unmodified opinion; capital transfers cited
Summary
Auditor reported an unmodified audit opinion, a $7.4 million overall fund decrease tied to transfers to capital projects, two single-audit findings on child nutrition reports/applications, and a strong bond-rating outcome informing an abatement transfer.
The district's annual financial audit presented March 20 reported an unmodified opinion and highlighted several items trustees should note as they plan capital work.
The auditor (S12) told the board that "the district received a unmodified opinion, which is the best opinion you can get under accounting standards." The presentation summarized government-wide and fund financials, reporting an overall loss of $7,400,000 tied to transfers to capital projects (including $5,400,000) and construction spending; the auditor also noted two findings in the federal single-audit for the child nutrition program — a missed ISBE quarterly filing and one missing free/reduced application discovered during testing of roughly 40 applications.
The audit discussion included a Moody's review and a favorable bond-rating outcome described as a change that produced approximately $70,000 additional proceeds on a recent closing because rates moved lower between sale and close. Trustees asked clarifying questions about the fund decreases and the audit footnotes; staff directed members to the full audit (page references were provided) for detailed financial statements and management discussion.
