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Summit School District given 8th consecutive clean audit for the 2023-24 year

A sign is pictured at the Summit School District campus in Frisco on Sunday, May 19, 2024. Summit School District recently completed its annual financial audit for the fiscal year ending June 30, 2024
Robert Tann/Summit Daily News

Summit School District recently completed its annual financial audit for the fiscal year ending June 30, 2024 and received its eighth consecutive clean audit.

According to the district, its assets exceed liabilities by $29.6 million, including $10.6 million in restricted funds dedicated to meeting financial obligations, and it maintains an unassigned general fund balance of $6.7 million, which accounts for 12.4% of total general fund expenditures. Additionally, the district’s general obligation debt decreased to $54.8 million.

“Chief Financial Officer Kara Drake’s strategic use of fund balance under board direction has allowed the district to invest in its workforce and students while maintaining responsible fund balances,” the district said in a recent news release. “As one of Colorado’s highest-paying rural districts, (Summit School District) ensures competitive compensation and robust benefits, including stipends for special education teachers, bilingual teachers and Board Certified special service providers.”



The release also states the district and other rural school districts are anticipating financial impacts based on the forecast billion-dollar shortfall in the state budget, a slow down in inflation and anticipated Taxpayers Bill of Rights refunds in the 2025-26 fiscal year.

The audit was conducted by McMahan and Associates, according to the news release.


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