ISD 728 School Board Livestream Live Stream

Elk River School District Board of Education · November 25, 2025

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Audit scope and single audit status

Presentation

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Mr. Reagan (auditor) opened the audit presentation, explained the audits scope and standards, and said the district earned more than $750,000 in federal awards this year requiring a separate single audit that cannot be issued yet because the federal compliance supplement for 2025 has not been finalized.

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Elk River School District auditors presented the district's annual financial audit, reporting an unmodified opinion but an $18 million-plus restatement tied to a change in accounting for compensated absences; the board then reviewed budget-reduction scenarios and voted to adopt "scenario 2" as guidance for 2026-27 budget planning.

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Transcript

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