Gilbert Public Schools receives positive audit report for FY '23-24

By Tom Blodgett
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Gilbert Public Schools is on track to receive a “clean opinion” from an audit of its Annual Comprehensive Financial Report for fiscal year 2023-24, signifying compliance with accounting standards.

Jennifer Shields, representing the independent auditing firm Heinfeld Meech, told the GPS Governing Board at its Jan. 21 meeting that the audit, while not complete yet, appears likely to result in an unmodified opinion.

“There were no significant audit adjustments that were required to be reported in order to get these financial statements in this draft format,” Shields said. “We also had no disagreements with management about accounting practices or principles, so no disagreements. … And we had no violations of any of those things (professional standards, ethical responsibilities, independence) on our side in terms of the financial statements.”

The district’s ACFR highlighted the district’s robust financial health and transparency.

The financial report revealed a notable year-over-year increase of $28 million in the district’s government-wide net position, bringing it to $405 million.

However, a $61.3 million negative restricted fund balance was attributed to the Arizona State Retirement System's net pension liability.

Shields said the dollar amount is perhaps significant, but said the auditing firm had no concerns about it. Associate Superintendent Bonnie Betz said that is because it is not really Gilbert Public Schools’ liability but belong to the ASRS.

Another point of discussion was the district’s bond fund, which saw a significant drawdown of $22 million for facility improvements, leaving $2.3 million for new projects.

Despite the reduction, Shields reassured the board that the district remains in good financial standing, with plans to manage future capital expenses through its unrestricted capital budget and other resources.

The report also included updates on the district’s self-insurance fund, bond obligations, and other key financial metrics, further illustrating GPS's commitment to accountability and sound fiscal practices.

Board members expressed appreciation for the audit team and the district’s financial management.

“I really appreciate that we’re on a good financial footing,” Board Member Jill Humpherys said. “Our audit was clean, and we’re earning interest, and I think those are all really positive things.”

Tom Blodgett
Senior News Editor | Gilbert

tblodgett@iniusa.org

Meet Tom
Tom Blodgett joined Independent Newsmedia, Inc., USA, in 2022, when the company acquired Community Impact Newspaper's Phoenix-area properties. Raised in Arizona, he has spent more than 35 years in journalism in the state.

Community: He has served as an instructional professional in the Walter Cronkite School of Journalism and Mass Communication since 2005, and is editorial adviser to The State Press, the university's independent student media outlet. He also is director of operations for an 18U girls fastpitch softball team from Gilbert.

Education: Arizona State University with a BS in Journalism. 

Random Fact: He lived in Belgium during his freshman year of high school.  

Hobbies: Tweeting enthusiastically about ASU softball (season-ticket holder) and grumpily about other local sports (pessimistic fan).