Audit

School Board Meeting:   November 25, 2024

Subject:     2023-24 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, 2024.  Jackie Knowles from BerganKDV will attend the board meeting to deliver a formal presentation.  The financial statement attachment is 121 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 3-25 starting with the Independent Auditor’s Report and concluding with the Management’s Discussion and Analysis

2.    Pages 28-35 Government-wide Financial Statements

3.    Pages 92-100 Fund Financial Statements.

Reviewing the Communications Letter is also recommended.

The district’s primary operating fund, the General Fund, showed revenues exceeding budgeted amount by $685,757 or 0.85%, while expenditures were $795,589 or 1.00% below budget.  Overall, including all other sources and uses, the general fund balance increased by $1,990,646.  The unassigned/non-spendable fund balance rose by $1,499,725 or 13.48%, ending the 2023-24 school year at $12,624,921 or 15.98% of the General Fund’s annual expenditures.  Restricted, committed, and assigned fund balances collectively increased by a total of $490,921.  

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.