Riverview SD audit: independent auditor issues clean opinion as reserves rise

Justin Bencheri, the district's independent auditor from HMS, told the Riverview School District board at its April 13 study session that the district's 2024–25 financial statements will receive an unmodified opinion, meaning the statements "present fairly in all material respects." Bencheri said total revenues were about $29.6 million and expenditures about $26.8 million, producing a year‑end increase in fund balance of roughly $2.8 million.

Bencheri reported an unassigned general fund balance of about $2.1 million, which he said is in line with the roughly 8% level state guidance recommends for districts of Riverview's size. The district's capital projects fund balance was listed at about $4.3 million; Bencheri characterized the district's overall fiscal position as strong and noted that one fund's balance provides flexibility for capital needs.

Board members pressed Bencheri on the district's retirement liabilities. Bencheri said the district's net pension liability related to the Pennsylvania Public School Employees' Retirement System (PSERS) was $28.3 million but that the district's proportionate share was small (he cited about 0.06%). "The district is making all their contractually required contributions," Bencheri said. He added that recent rate stabilization at PSERS should limit near‑term contribution shocks, though long‑term obligations remain significant at the system level.

The auditor also noted $19.8 million in general obligation bonds outstanding at year end and that principal payments of about $975,000 were made during the year. Federal expenditures requiring a single audit totaled $954,000 for 2024–25; Bencheri said testing of major programs produced no compliance findings.

Board members thanked administration and auditors for the clarity of the report and asked follow‑up questions about pension trends, earnings assumptions, and which fund balances might be available for forthcoming capital work. No formal action was taken at the study session; the audit report will be part of the board's materials for the regular voting meeting and normal audit acceptance procedures.