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Financial report: Palmdale Aerospace Academy reports higher-than-projected year-end fund balance and compliance with bond covenants
Summary
Chief Business Official Missus Azura presented unaudited actuals showing increased fund balance, explained accounting adjustments and confirmed the academy meets bond covenant ratios and board reserve policy.
Chief Business Official Missus Azura presented the academy's unaudited actuals, telling the board the school closed the year with an improved fund balance and that bond covenants and board reserve policy were met.
Azura said the fund-balance projection rose from a $2.6 million projection to about $3.3 million after auditors' adjustments and reconciliation of older items. "So this is our fund balance, and, really, this is what we really wanna look at," she said,…
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