The Storm Lake Community School District Board of Education reviewed the draft of its 2024–25 financial audit during Wednesday night’s monthly meeting. School Business Official and School Board Secretary/Treasurer Trudy Pedersen walked board members through the report, noting only minor changes remain before final approval.
Pedersen explained that auditors—Cornwell, Frideres, Maher & Associates, PLC, an accounting firm in Fort Dodge—issued an unmodified opinion, meaning the district’s financial statements were presented fairly in all material respects.
Among the highlights: general fund revenues rose by about $1 million last year, while expenditures increased $890,000. The district’s solvency ratio dipped from 5.56 percent to 3.42 percent, a change Pedersen said was expected. Enrollment grew by 80 students, including a net increase of 154 open enrollment students. Salaries and benefits now comprise more than 81 percent of general fund spending, reflecting new teacher minimums and improved support staff pay.
Pedersen also highlighted the district’s share of the Iowa Public Employees’ Retirement System, or IPERS. Storm Lake’s share of the statewide system is 0.25 percent, and the plan is 92.3 percent funded as of June 30, 2024.
Pedersen noted the district’s total net position increased slightly—up $154,000—and long-term liabilities decreased by $2.7 million, largely due to bond payments. Construction in progress rose $2.68 million, tied primarily to the new early elementary school.
Federal funding remained significant, with Storm Lake receiving $5.56 million last year, though down from prior years as Elementary and Secondary School Emergency Relief pandemic funds expired.
Auditors cited familiar internal control deficiencies, such as segregation of duties, but found no compliance issues, said Pedersen.
The board unanimously voted to accept the draft audit, and board president Dave Skibsted expressed gratitude for Pedersen’s years of service, noting her work has kept the district’s finances strong and transparent.
Pedersen will retire on June 30 following more than two decades of service to the school district.
