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Gilbert Public Schools accepts fiscal 2024 comprehensive financial report showing $28 million net position gain
Summary
The Gilbert Public Schools Governing Board accepted the district's draft Annual Comprehensive Financial Report for fiscal year 2024 after auditors reported a clean audit and staff described increases in net position, a large reported pension liability, and an outstanding judgment tied to Maricopa County property valuations.
The Gilbert Public Schools Governing Board unanimously accepted the district's Fiscal Year 2024 Annual Comprehensive Financial Report (ACFAR) at its Jan. 21 meeting after external auditors said the draft report was complete and they expected to issue an unmodified (clean) opinion.
The draft ACFAR showed a year-over-year increase in government-wide net position of about $28 million, bringing the district's reported net position to roughly $405 million. Bonnie Betts, who presented the financial statements, said that the government-wide figures include a large Arizona State Retirement System (ASRS) net pension liability that produces a negative restricted component in the district's net position.
Why it matters: the government-wide statements are used by bond buyers and credit analysts to assess a district's overall financial health. Board members were shown both the accrual-based government-wide results and the modified-accrual governmental fund results trustees review monthly.
Auditor: Jennifer Shields of Heinfeld, Meech & Co.…
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