Audit

School Board Meeting:   November 24, 2025

Subject:     2024-25 Financial Audit

Presenter:      Ryan Tangen, Director Finance and Operations

SUGGESTED SCHOOL BOARD ACTION:
For Board Approval.

DESCRIPTION:

Attached are the Audited Financial Statements and Communications Letter for the year ended June 30, 2025.  Janel Bitzan from BerganKDV will attend the board meeting to deliver a formal presentation.  The financial statement attachment is 109 pages long, so only the financial highlights will be covered during the presentation.

In preparation for the audit presentation, the following sections of the Audited Financial Statements are recommended for review:

1. Pages 3-23 starting with the Independent Auditor’s Report and concluding with the Management’s Discussion and Analysis
2. Pages 26-33 Government-wide Financial Statements

3. Pages 94-101 Fund Financial Statements

    

Reviewing the Communications Letter is also recommended.

The district’s primary operating fund, the General Fund, ended the year with revenues exceeding budget by $1,496,947 or 1.86%, and expenditures coming in $1,550,251 or 1.90% below budget.  Overall, the General Fund balance increased by $1,881,613.  The non-spendable and unassigned fund balance increased by $834,505, ending at $13,459,426 which represents 16.81% of the General Fund’s annual expenditures.  Restricted, committed, and assigned fund balances collectively increased by $1,047,108. 

The Minnesota Department of Education audits each school district and compiles their data into a Consolidated Financial Report. The most recent Consolidated Financial Reports are listed below.