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El Segundo Unified accepts FY 2023-24 audit showing $2.2 million drop in net position
Summary
The El Segundo Unified School District board unanimously accepted an external audit for the year ended June 30, 2024. Auditors issued unmodified opinions but reported one internal-control finding that required audit adjustments.
The El Segundo Unified School District Board of Education on Jan. 28 unanimously accepted the district's audit for the fiscal year ended June 30, 2024, after a presentation from the district's external auditor.
John Whitehouse, partner at Christie White and Associates, told the board the audit covered funds, capital assets, long-term debt and compliance with federal and state law and included testing of internal controls, state compliance and the special-education cluster as the district's single major federal program. "We gave an unmodified opinion on Federal compliance, state compliance, and the financial statements overall," Whitehouse said.
Whitehouse reported the district's net position ended the year at about $10.8 million, a decrease of roughly $2.2 million from the prior year, and that overall revenues of about $66.2 million were exceeded by expenses of about $68.4 million. He said auditors identified one finding on internal controls over financial reporting: during testing the auditors noted material errors in the district-prepared unaudited financial statements that required audit adjustments affecting cash in county treasury, a special-purpose investment reported in cash and investments, and accrued liabilities in the building fund. "There was one finding presented," Whitehouse said. "These adjustments were required due to material misstatements within the unaudited financial statements prepared by the district." He added the adjustments were made and did not change the auditors' unmodified opinions.
Kim Linz, the district chief business officer (serving in place of the superintendent at the meeting), acknowledged the finding and the district's corrective plan. A board member moved to accept the audit as presented; the motion passed by unanimous voice vote. The board did not record individual roll-call votes in the meeting record on that motion.
The audit report will be docketed as an action item in the district records and the board indicated it will consider any additional scheduling or follow-up items related to the audit at a future meeting.
