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Oceanside UFSD accepts external audit and corrective-action plans; district says fund balance purposely exceeds 4% to offset tax revenue loss
Summary
The Oceanside Union Free School District Board of Education accepted an external audit with an unmodified opinion, approved related corrective-action plans and internal audit responses, and heard administrators say the district is intentionally holding an unassigned fund balance above the state-recommended 4% to blunt a multiyear tax revenue loss.
The Oceanside Union Free School District Board of Education on Oct. 15 accepted the district's annual external audit for the fiscal year ending June 30, 2025, and approved corrective-action plans responding to the audit firm's management letter and the district's internal risk assessments.
The audit presentation, delivered by Christopher Schneider, partner at RS Abrams, reported an "unmodified opinion," the auditing firm's strongest level of assurance, and noted a series of recommended improvements that the district has addressed with a corrective-action plan that the board voted to accept.
Schneider told the board, "what we call an unmodified opinion, that is the best opinion you can get." He summarized the deliverables the firm provides each year: the district financial statements, the extraclassroom activity fund statements,…
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