[{"_1":2,"_88":-5,"_89":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6461122,"mediaKeyId","5825823-5cf9f8ba21b20a78ef1920a974380f20","parentId",5825823,"title","Adams 12 FACT: Quarterly financial monitoring shows reserves met; bond proceeds spending underway","audioSeconds",3800,"startMs",12205,"endMs",3812652,"viewUrl","/Search/View?dp=1&key=5825823-5cf9f8ba21b20a78ef1920a974380f20&start=12&end=3812","thumbnailUrl","https://assets.pipeline.soar.com/5825823-5cf9f8ba21b20a78ef1920a974380f20/thumbnail_12205.jpg","articleUrl","/articles/6461122/Colorado/Adams-12-FACT-Quarterly-financial-monitoring-shows-reserves-met-bond-proceeds-spending-underway","mediaUrl","https://secure.pipeline.soar.com/6461122-05b0456033f39d20245cc4dba562edb7/orig.mp4?Expires=1771057793&Signature=Dwy5qYhFA5O~ATg-UIEgSJ7Hnh9DVaEiYs2Bk9bOk6tNP2j0QZliVr6xE-9TH3A9CISSjwD1JJYroMh44aoJDOKoKNvv~rHCPMnAcyUcNgnh0wiO21BFpxg2Oh1kGf5KMiArsojSUrcsbbG9DvH3Q7dlqalQPK-A6YzkL4yOnAVR~-PAdU1rw1OpV7DGgbzWAgLTVON9ALcRUgwcOF0VObJYN5oKLsu3XfxZgYiYfjVkBqycm-~yN0bBCcZa2nmBWlAaJ7sgCuZGLlAdmBK56e62qDqS-WuvVpxRezYmRAYsjANtq6AWjIZXHAxqHs-hh2tg6USteLdYSzCgnPn-5A__&Key-Pair-Id=KUT5TJCACFTXG","author","Adams 12 Five Star Schools","date","2025-09-25T16:04:14.95Z","article","Aaron Oberg, Director of Finance for Adams 12 Five Star Schools, told the Finance and Audit Committee (FACT) that the district met its statutory and policy reserves in the quarterly monitoring report and presented pre-audited fund balances and planned uses for recent bond proceeds.

The monitoring report matters because Colorado statute and the district’s policies require regular review of reserves, liquidity and internal controls; the report shows how the district is meeting those obligations while beginning to spend bond proceeds approved by voters.

Oberg said statute requires the board to review the district’s financial condition at least quarterly and that the district’s monitoring policy requires presentation of reserves, cash positions (liquidity), payables/receivables, borrowing/spending on mill levy override (MLO) and bond proceeds, and audit/internal-control items. He told the committee that the reserve requirements for TABOR (a constitutional reserve) and contract-restricted bond redemption proceeds have been met, and that the food service fund remains restricted by federal regulation to non-profit nutrition operations.

Oberg described assigned fund balances the district holds for special revenue, capital projects, grant carryovers, Medicaid reimbursement tracking, before- and after-school enrichment programs, pupil activities and athletics, an instructional materials reserve, IT/device refresh reserves, and a risk reserve to cover expenditures beyond insurance coverage. He explained the district’s unassigned fund balance policy: the board requires an unassigned fund balance of no less than 4% and no more than 8% of general fund revenues. Oberg said the district is forecasting an unassigned fund balance of 4.9% at year end and that the 4–8% policy is intended to avoid accumulating excess unassigned reserves and to ensure current-year revenues are spent on current-year needs.

On liquidity, Oberg noted the district maintains roughly 30 days of cash on hand for operating needs and monitors timely tax and receivable collections, including student fees, rents and lease receivables. He said the district reports approximately $1.5 million in receivables, much of which relates to multi-year inactive student account balances.

Oberg reviewed the bond issuance and initial spending. He said the district issued bonds that, including premium, amounted to about $185 million (approximately $171 million par) and that bond proceeds are being tracked by LRPAC and other bond leadership groups. The district has distributed the first per-pupil charter share of bond proceeds to charter schools and is tracking budgeted project spending and encumbrances; Oberg said the district budgeted roughly $23 million of Thornton High School spending in the first year and is already more than halfway through that amount.

Oberg emphasized these figures are pre-audit (presented as of early July) and that significant accounting activity happens after that date. He also noted that the district will issue an RFP for external auditors after the current audit cycle and asked for committee volunteers to help review proposals, because the auditors report to the board.

The presentation closed with an invitation for committee questions; no formal motions or votes were recorded during the public portion of the FACT meeting.

Less critical details: Oberg said the monitoring report is 17 pages and includes the superintendent’s interpretation of board policies and supporting evidence; the district’s charters also maintain TABOR-like reserves per their contracts, which the district monitors because charter shortfalls could affect the district’s obligations.","mediaType","Video","parentTitle","Adams 12 Five Star Schools' FAC Meeting 9/25/2025","oneSentenceSummary","Finance staff reported the district met statutory and policy reserve requirements, outlined assigned fund balances and planned bond spending, and flagged pre-audit figures and receivables during a FACT meeting.","taxTitle","Adams 12 Five Star Schools, School Districts , Colorado","taxId",14322,"location","Colorado","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6461117,"External auditor briefs FACT on single-audit timing, GASB change for compensated absences and PERA liabilities",830,1182060,2012930,"/Search/View?dp=1&key=5825823-5cf9f8ba21b20a78ef1920a974380f20&start=1182&end=2012","https://assets.pipeline.soar.com/5825823-5cf9f8ba21b20a78ef1920a974380f20/thumbnail_1182060.jpg","/articles/6461117/Colorado/External-auditor-briefs-FACT-on-single-audit-timing-GASB-change-for-compensated-absences-and-PERA-liabilities","https://secure.pipeline.soar.com/6461117-9e034ea08d3f49498098088754cb111c/orig.mp4?Expires=1771057793&Signature=YXTEZuAOyIXTHn5ctl5NJ-UOAWstKq1CpKI8dk-LcCRXaPtmZjT~rSiXFRDJoJDzRT8RR2CUtJagoWV6kwp0SsCnXrajLexZ32TzhDGMXjRXET4~oIYAytaO3D3s0s~yHewR-3JE0T2ruEEwuuTf6LvghItUtkO9~E-dxtb6HPvnC4F8BvoSUOtVt74EXO52TUYQLSq2jRxOsvTxMVRdNhtsTivc836DrGG3hyfchNRLoN019K2inPfGkocF2hxkylGvPT4zaeh7~C3RimBr4ckgtWQWSTNAeBj1zQQb4enH3WLM2jxx7-m16X6MjellxB9SabLHl1pJ52eCGfyFuA__&Key-Pair-Id=KUT5TJCACFTXG","John Paul LeChervalli of CliftonLarsonAllen (CLA), the external auditor, presented the audit kickoff for Adams 12 Five Star Schools’ fiscal 2025 annual comprehensive financial report and single audit, describing scope, timing risks and several accounting changes the committee should expect.

The nut graf: CLA told the Finance and Audit Committee the single audit covers federal awards (including the nutrition cluster and the Refugee and Entrant Assistance Program this year), that a delayed Office of Management and Budget (OMB) compliance supplement could delay issuance of the single audit, and that a new GASB standard will change how compensated absences are reported on the long-term financial statements.

LeChervalli said the audit includes the audited financial statements and the single audit over federal awards; the single audit typically rotates significant programs and for fiscal 2025 includes the National School Lunch Program (nutrition cluster) and the Refugee and Entrant Assistance Program (newly significant this year). He explained the auditor’s role: the district is the author of the financial statements and the auditor provides independent review and reasonable — not absolute — assurance; auditors review internal controls but do not issue an opinion on internal control effectiveness.

LeChervalli described two items of note for fiscal 2025: a new Governmental Accounting Standards Board (GASB) standard on compensated absences (effective fiscal 2025) that extends accruals to include some unpaid time expected to be taken as paid leave in future periods, and a debt issuance this fiscal year of roughly $186 million including premium. He said the GASB change will affect the long-term liability presentation but not cash pay practices or budget comparisons; the auditor estimated the calculation is straightforward mathematically but that selecting the percentage assumption for future paid time off is challenging.

On pension and OPEB liabilities tied to Colorado PERA, LeChervalli summarized expected movement for fiscal 2025: a net pension liability estimated at about $730 million (down from $809 million the prior reference year) with approximately $5 million expected to flow to the income statement on the full-accrual basis; net OPEB liability estimated near $13 million. He emphasized these are actuarial-driven figures that can swing year to year and are presented on the full-accrual statements, not in the budget comparisons.

LeChervalli and staff flagged a significant timing risk: the OMB compliance supplement — an annual guidance document auditors use to test federal programs — was not finalized as of the kickoff and historically has been issued in May; for 2025 it was still pending in September. CLA said the single audit cannot be issued until the supplement is final and that, to avoid delaying the district’s financial statements, the district could elect to issue the basic financial statements first and publish the single audit separately once the OMB supplement is available.

Fieldwork status and next steps: CLA completed interim procedures over the summer, started final fieldwork a few weeks earlier, and targeted issuance of audited financials in October with an audit-committee presentation in November. LeChervalli invited committee members to raise any concerns and noted CLA will include findings and recommendations in the final single-audit section if any issues arise.

No formal committee actions were recorded during the public portion of the meeting; questions from committee members addressed the GASB liability estimate and the recurring OMB timing delays.","CLA outlined the fiscal 2025 audit scope, flagged a delayed OMB compliance supplement that may affect single-audit timing, explained a new GASB standard on compensated absences, and summarized expected PERA-related liabilities.","actionData","errors"]

Article not found

Adams 12 FACT: Quarterly financial monitoring shows reserves met; bond proceeds spending underway

External auditor briefs FACT on single-audit timing, GASB change for compensated absences and PERA liabilities