Clean Audit For Mercer School District
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Robert Moore
Herald Staff
[email protected]
The Mercer County School District has received a clean audit for the 2024 fiscal year. That’s what the Mercer County Board of Education learned at their last regular meeting of the year, on Tuesday, Dec. 17, 2024.
Stephanie Abell, a CPA with White and Company PSC of Lebanon, told the board the auditors had issued an unmodified—or clean opinion. Abell said they reported finding no material weaknesses, significant deficiencies or instances of noncompliance in the district’s financial statements.
“That’s the opinion you want to have,” Abell told the board. The district had $44.6 million in revenue and $41.9 million in expenses for the fiscal year ear which ended June 30, 2024. According to the audit, the district increased the total amount due on bonds by $33.95 million with the addition of the new elementary school project bonding in fiscal year 2024. The District’s total net position increased $4.65 million to $19.56 million, according to the audit, while current assets increased by $32.9 million, non-current assets increased by $1.8 million, and total liabilities increased by $26 million as compared to the prior year.
“That’s a good thing,” Abell told the board. She said the district’s general fund had seen an increase of more than $700,000.
“It’s very important to see positive numbers there,” she said.
Abell also said the situation with OPEBs—other post-employment benefits, such as medical, dental, vision and hearing benefits for retired school employees—looked much better than in past years.
“The market has had a really good year,” Abell told the board. She said OPEBs were fully funded.
“Will it stay that way? The market will tell,” she said.
Abell also praised the job done by Nutrition and Food Service Director Chris Minor. She said the program’s revenue went up when COVID funding for meal service went down.
Many government entities rushed to spend the last of the federal COVID funding before the end of the year. Abell noted the school district had used much of the federal funding for nonrecurring expenses, which meant they would not have to worry about taking a bigger hit in the future. Abell also praised the job done by Chief Financial Officer Amber Minor and her staff.
“There’s a great team of folks here,” Abell said.
“You like a clean report,” said Board Chair Randy Phillip.
