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Board presented fiscal 2024 audit; administration recommends acceptance and assigns $8.64M
Summary
District auditors issued an unmodified opinion on the FY2024 financial statements and the administration asked the board to accept the annual comprehensive financial report and approve assigned General Fund balances totaling $8,643,744.
Malloy, Montague, Karnowski, Radosevich & Co. completed the District's fiscal year 2024 audit and issued an unmodified opinion on the government-wide financial statements and major funds. Executive Director of Finance and Operations Scott LeSage presented the audit packet, which included the Comprehensive Annual Financial Report (ACFR), the management letter, and special-purpose reports (single-audit components) prepared for the fiscal year ended June 30, 2024 (ACFR transmittal and audit overview: SEG 3310'1).
LeSage recommended the board accept the audited financial statements for FY2024 and approve the General Fund assigned balances totaling $8,643,744 to be used for the specific purposes enumerated in the audit packet (local collaborative time study, reemployment insurance and PFLPT, site carryover, Q compensation, school opening and planning costs, worker's compensation escrow, post-employment obligations, and an enrollment assignment).
The auditor's independent report (Malloy et al.) included no material weaknesses and no findings required under Government Auditing Standards; the audit firm's management report and Single Audit items were included for board review (audit discussion and recommended motion: SEG 3290'1). LeSage noted the district ended FY2024 with a projected unassigned General Fund balance of roughly $16 million (about 7.7% of expenditures) and that assigned reserves will be used for specific obligations. (Audit presentation and recommended action: SEG 3290'1).
