An independent audit was conducted by McMahan and Associates, L.L.C, a firm of licensed public accountants. The audit opinion (ACFR, pg. A1) reports no violations of GAAP standards as contained in the Government Auditing Standards, issued by the Comptroller General of the United States.
The Independent Auditors’ Report on Internal Control over Financial Reporting and on Compliance and Other Matters, (ACFR, pg. H1), does not identify any deficiencies regarding late payments.
Budget priorities were collected from District stakeholders including District Accountability Committee, SSD Finance Committee and a community-wide survey.
District assets available for sale are made available for public bid through the Govdeals.net website. Assets sold during this reporting period include one Facilities plow truck and one bus sold through a public bid process. Four buses were also scrapped as part of our agreement for EV bus grant funding.
The Superintendent is in compliance with eleven of the twelve provisions of this report and also policy EL-6 as reported August 7, 2025.
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Areas of Growth
Policy Provision 4
As reported on page C3 of the ACFR, the Fiscal Year 2025 ending unassigned fund balance in the General Fund is $5,569,223 or approximately 9.8% of total Fiscal Year 2025 spending. This is a decline in fund balance from Fiscal Year 2024, which was $6,761,073 or 12.4% of Fiscal Year 2024 spending and is below the Board policy minimum of 10%. Restoring funds to the fund balance will be a priority in planning for the 2026-27 budget.
The SSD Finance Committee continues to discuss the appropriate amount of fund balance for the District. The Finance Committee makes the following unreserved fund balance recommendations to the Board for careful consideration:
Do not spend down the unreserved fund balance for ongoing expenditures (e.g., salaries and benefits)
The unassigned fund balance should be spent on things like one-time emergent requirements (e.g., SHS Fire Suppression System) or curriculum purchases not afforded through the General Fund
Grow the unassigned fund balance to Government Finance Officer Association (GFOA) recommended percentage of 16% or at least two (2) months of operational expenses over the next three (3) to five (5) years
Restore minimum fund balance policy requirements within one (1) year per policy
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Next Steps
Continue providing regular Financial reports to the School Board and maintaining information on Financial Transparency website for the public.
Continue increasing Transparency by providing regular updates to the public through the View of the Summit newsletter.
Continue to seek community engagement throughout the budget process and in capital and Master Planning efforts during the 2025-26 school year.