According to auditors, Flossmoor School District 161’s finances are in good shape.
At the Dec. 16 meeting, Jeffrey Slade, senior manager from assurance, tax and consulting firm RSM US LLP, reported the most recent annual audit results to District 161 board members. Slade said that after reviewing the district’s financial statements for the year, they have issued an unmodified opinion.
“It’s a clean opinion, the best we can provide, and the one that the district wants,” Slade said.
The audit, conducted earlier in the year and concluded at the end of June, examined all the district’s finances, paying special attention to revenues and expenditures. Slade said the Government Finance Officers Association recommends maintaining a fund balance over two months’ expenses. District 161 has a general fund balance of more than $34 million.
“That’s very positive,” Slade told the board. “This has been building up over the years. Some of that has been really helped by COVID grant money. But, as we know, that money is beginning to dry up with time.”
Slade explained to the board members that RSM did have to report one slightly negative factor in the audit, but it was primarily due to a change in the reporting process. A school district’s audit information is posted to an online platform in a format that allows the Illinois State Board of Education to process the data efficiently. This process was changed recently, and a lack of clear instructions resulted in a slightly late submission.
“There is no impact from this error. We are just required to report it,” Slade said.
Slade said that the audit process went well despite the minor issue, and the firm appreciated working with district administrators.
