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Auditors give district a clean opinion; fund balance fell by $4.4 million from prior year
Summary
Lake Oswego School District 7J’s auditors issued an unqualified (clean) opinion on the district’s financial statements, but staff told the board the general‑fund balance dropped by about $4.4 million compared with June 30, 2023 and that the district expects to fall below board policy by the end of the fiscal year.
The Lake Oswego School District 7J board received the district’s 2023–24 audit report on Jan. 27; auditors issued an unqualified (clean) opinion on the financial statements and on compliance tests related to federal and state revenues, district staff said.
Chief financial staff explained the audited general‑fund balance is approximately $13 million and that it is about $4.4 million less than the balance reported at June 30, 2023 because “our costs exceeded the revenues by that amount.” The presenter warned the board that the district is on…
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