Tarahoe School District receives clean audit report for FY '24 financials
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The Rhode Island School Committee convened on December 17, 2024, to discuss the results of the fiscal year 2024 audit, which revealed a clean financial status for the district. The meeting highlighted the successful completion of the audit conducted by Sahidi, with no findings or recommendations, a testament to the effective management by the business office team led by Gregory Zenyon and Lynn Bueven.
The auditor praised the district for maintaining a strong financial position, noting that not all districts can claim such a clean audit. The financial statements presented included a detailed analysis of the district's assets, liabilities, and overall financial health. The total fixed assets were reported at approximately $20.22 million, with a net asset investment of about $6.7 million. The district's pension liability was noted to be around $35 million, alongside an additional post-employment benefit liability of $600,000.
The committee was informed that the general fund had an unassigned fund balance of approximately $4.5 million, representing about 7.1% of the previous year's budget. This figure is slightly below the Government Finance Officers Association's recommended range of 10%. However, when accounting for committed funds, the effective unassigned balance rises to 9.4%.
The meeting also addressed the district's bond debt service sinking fund, which currently holds $7.6 million, designated for future debt payments. Notably, only one fund reported a minor deficit of $3,574, indicating strong fiscal management across the board.
In conclusion, the committee approved the FY '24 audit, reflecting the district's commitment to transparency and sound financial practices as it prepares for the upcoming budget season. The positive audit results are expected to bolster confidence among stakeholders as the district continues to navigate its financial landscape.
The auditor praised the district for maintaining a strong financial position, noting that not all districts can claim such a clean audit. The financial statements presented included a detailed analysis of the district's assets, liabilities, and overall financial health. The total fixed assets were reported at approximately $20.22 million, with a net asset investment of about $6.7 million. The district's pension liability was noted to be around $35 million, alongside an additional post-employment benefit liability of $600,000.
The committee was informed that the general fund had an unassigned fund balance of approximately $4.5 million, representing about 7.1% of the previous year's budget. This figure is slightly below the Government Finance Officers Association's recommended range of 10%. However, when accounting for committed funds, the effective unassigned balance rises to 9.4%.
The meeting also addressed the district's bond debt service sinking fund, which currently holds $7.6 million, designated for future debt payments. Notably, only one fund reported a minor deficit of $3,574, indicating strong fiscal management across the board.
In conclusion, the committee approved the FY '24 audit, reflecting the district's commitment to transparency and sound financial practices as it prepares for the upcoming budget season. The positive audit results are expected to bolster confidence among stakeholders as the district continues to navigate its financial landscape.
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