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Audit firm lists major review areas: revenues, capital projects, payroll and pensions
Summary
James C. Butera of Lumsden and McCormick outlined the audit's major areas of review on July 1, including state aid and tax revenues, property and equipment, capital projects and payables, payroll accruals, compensated absences, pensions and OPEB, commitments and contingencies, Uniform Guidance compliance, and extraclassroom activities.
At the July 1 Audit Committee meeting, James C. Butera of Lumsden and McCormick walked the committee through the audit plan and the subject areas auditors will examine for the June 30, 2026 fiscal year. He identified revenue streams to be reviewed (state aid and property and sales tax revenue), property and equipment and related payables, capital projects, outstanding debt, payroll and related accruals, compensated absences, pensions and OPEB, commitments and contingencies, compliance with Uniform Guidance if applicable, and extraclassroom activities.
The auditors also reviewed materiality determinations and noted new accounting standards the district will need to address, citing GASB 103, 104 and 105 and their effective dates. The committee did not request additional clarification on specific line items during the meeting; auditors said they would revisit prior-year findings as part of their review.
