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Auditors give Monroe Public Schools a clean opinion, report improved pension and OPEB positions
Summary
External auditors delivered an unmodified opinion on Monroe Public Schools' 2024 financial statements, reported no material weaknesses in internal control, and highlighted revenue shifts driven by the end of COVID-era federal grants.
Monroe Public Schools' draft 2024 audit received an unmodified opinion from external auditors, who told the board the financial statements "present fairly in all material respects the financial position of the school district." Sarah Rafco, the auditor retained to perform the annual audit, said auditors "did not identify any deficiencies in internal control that we consider to be material weaknesses," and found no reportable noncompliance under single-audit rules for major federal programs.
The audit shows the district's general fund revenues at about $68 million, down roughly $6.6 million from the prior year, largely because COVID-related federal grants expired. Expenditures were about $73.6 million; the district's general-fund balance decreased by just over $5.0 million to an ending balance near $5.6 million, above the board's policy minimum. The auditors also noted the district's share of net pension liability was about $64.6 million (an improvement from the prior year) and an OPEB asset of roughly $11.5 million.
Superintendent Shaw said the audit will be placed on the board's regular meeting agenda for formal acceptance. Board members asked staff for follow-up items including a fund-by-fund cash position and a breakdown of revenue variances for reporting at the next meeting.
