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Independent auditor warns Cabarrus Schools fund balance is low; sick-leave accounting drives $51 million net-position drop
Summary
External auditors told the Cabarrus County Board of Education on Oct. 6 that a new GASB standard added a $51 million sick‑leave liability to district net position and that the district’s available local fund balance is lower than policy targets, leaving limited flexibility for new spending.
An independent auditor told the Cabarrus County Board of Education on Monday that a new accounting rule added a $51 million liability for accrued sick leave to the district’s net position and that the district’s usable local fund balance is below the board’s target.
The auditor, presenting the fiscal year 2024–25 audit, said the Governmental Accounting Standards Board’s GASB 101 changed how sick leave is reported and “there was a $51,000,000 decrease in your net position because sick leave is now a liability,” a change that affects long‑term net position but “doesn’t mean anything to the amount of funds you have available” for operating purposes.
The presentation focused on the district’s fund balance — the cash and…
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