TYRONE — An independent audit of the Tyrone Area School District for the fiscal year ending June 30, 2024, showed the district’s financial statements were in compliance with federal standards.

Romulus Comly, director of Boyer & Ritter LLC, State College, presented a brief synopsis of the 94-page audit report during the Tyrone Area School Board’s regular meeting Tuesday.

“What the report is saying is that we have audited the financial statements. In our opinion, these financial statements are presented fairly,” Comly said during the meeting, noting his accountants were able to obtain “reasonable assurance” the district’s statements as a whole were “free from material misstatement.”

According to the report, the district’s total assets and deferred outflows of resources and its total liabilities, deferred inflows of resources and net position balanced at $63,239,005. Its capital assets were listed at $36,405,903.

Total revenues, expenditures and changes in governmental fund balances were listed as $30,684,144 in revenues and $30,972,007 in expenditures, with an excess deficiency of $287,863.

Comly told school board members, “It’s not uncommon to have a negative balance there.”

Business Administrator Faith Swanson said an increase in local revenues last year “really made a huge impact” on the district’s finances, especially with interest earnings, noting the district received about $500,000 in interest that was transferred to capital reserve funds.

“At this point, the district is in a solid financial state,” Swanson said, adding the elementary school is 26 years old. “We’re going to be putting some significant investments into it, so putting that money aside helps us prepare long term.”

Board members unanimously approved the audit report, with many members, including board treasurer Cathy Harlow, congratulating Swanson and her team on a job well done.

“We have a good team here,” Swanson said in response.

The report is available for public viewing online at the district’s website.

During the meeting, high school drama club adviser Jonathan Holmes presented a preview of the high school’s spring musical, “The Addams Family,” which has public performances on April 4-5.

Participating students included Braylinne Shaw, Ethan Cooley, Lydia Meredith and Trey Brodzina.

Prior to the performance, Shaw, a junior, told board members why she loves being part of the school’s drama club.

“It’s like the best thing in my life,” she said. “It’s really a welcoming community and it’s just an awesome thing to be a part of.”

Mirror Staff Writer Matt Churella is at 814-946-7520.