The audit presentation by representatives from RSM, Brett and Chantel, dominated the proceedings, focusing on the audit process for the fiscal year ending June 30, 2025. Brett highlighted a smooth audit process, culminating in an unmodified opinion, the highest level of assurance, on the district’s financial statements. This opinion confirmed compliance with generally accepted accounting principles and GASB standards.

A significant topic addressed was the necessary restatement of the beginning net position, which resulted in an approximate $17 million adjustment. This restatement was necessitated by the adoption of a new accounting standard related to the calculation of liabilities, a procedural requirement and not indicative of any wrongdoing.

Chantel elaborated on the district’s significant accounting estimates, particularly concerning liabilities, self-insurance, and post-employment benefits. She explained that external actuaries, whose work is audited for accuracy, assist in developing these estimates. A detailed review of compensated absences was presented as a new implementation for the district.

The discussion on sick leave involved reviewing data from fiscal years 2018 through 2025, partly due to the impacts of COVID-19. This review aimed to ensure consistency across evaluated time periods, with the resulting estimate deemed reasonable by the auditors. The revised methodology for calculating the liability for sick leave usage was another focal point, leading to a recalibration of the existing liability rather than a new obligation.

The auditors confirmed no deficiencies or material weaknesses in internal controls. They reported no disagreements with management, nor were they aware of any consultations with other accountants regarding accounting or auditing matters. The audit report included appendices detailing significant written communications between management and the auditors.

During the meeting, a committee member inquired about control matters that did not reach the level of deficiencies or material weaknesses. The auditors confirmed that no such issues were noted. Additionally, the single audit report performed by the Florida Auditor General was mentioned, with plans for presentation at a later date, likely in March.

Further questions arose regarding the actuaries used for actuarial calculations, with the auditors expressing confidence in the competence of these firms. They referenced an independent review by external auditors of the assumptions and census data utilized for calculating liabilities.

The meeting also set the agenda for future discussions, including the next meeting scheduled for February 20th, following the holiday break. A calendar of meetings for the upcoming year was distributed, and the session concluded with a motion to adjourn, passed unanimously. Participants exchanged holiday greetings.