Audit finds District 69 records 'in good order'; ISBE profile drops after bond sale

Scott Duenser, partner at audit firm Wipfli, told the Skokie School District 69 Board on April 14 that auditors from RSM and Wipfli performed on-site fieldwork, reviewed records and interviewed staff and concluded "the District's records were found to be in good order." The auditors said one indicator in the Illinois State Board of Education (ISBE) profile was affected by the recent sale of Working Cash Bonds, reducing the district's overall score from 3.4 (Recognition) in FY24 to 3.35 (Review) in FY25.

Superintendent Dr. Margaret Clauson explained the ISBE Financial Profile is calculated from five measures — fund balance to revenue, expenditures to revenue, days cash on hand, percent of short-term borrowing remaining and percent of long-term debt margin remaining — and that the Working Cash Bond issuance temporarily lowered the long-term debt margin. "Importantly, the Working Cash Bonds are scheduled to be repaid within two years. As these bonds are retired, the District's long-term debt capacity will be restored, and we anticipate returning to 'Recognition' status under the ISBE Financial Profile in that timeframe," Dr. Clauson said.

Board members placed the auditor's report on file and approved the consent agenda that included the report. Administrators said they will monitor debt-service schedules and update the Board as bond repayments restore long-term capacity. The audit presentation emphasized that, aside from the temporary bond effect, auditors did not find material weaknesses in the district's financial records.