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SFUSD receives audit findings and approves bond cost submissions; auditors flag LCFF reporting error
Summary
The board accepted audit reports with unmodified opinions, approved resolutions receiving actual cost information for bond issuances and learned auditors identified a compliance issue in LCFF reporting tied to CALPADS student counts; staff committed corrective actions and a follow-up report.
Trustees on Jan. 26 reviewed the district’s annual audit and several financial resolutions related to bond issuances and refunding activity.
Rita Madavan, CFO, summarized three resolutions to receive and submit actual cost information for Proposition A general obligation bonds (2006 and 2011 series), tax and revenue anticipation notes and 2015 refunding bonds. The board adopted the resolutions by roll-call vote.
External auditors reported unmodified opinions on the district’s financial statements and federal grant compliance but noted a compliance finding involving the Local Control Funding Formula (LCFF) unduplicated student counts reported through CALPADS. Auditors said software/data-processing errors produced an overcount for the state’s unduplicated student measure; staff described corrective actions already implemented and committed to a follow-up report on free/reduced-price meal application collection and CALPADS validation procedures. Auditors also discussed GASB 68 pension-liability disclosures that expand reported liabilities on entitywide statements.
Board members asked for detail on corrective measures, whether SFUSD is an outlier, and the anticipated fiscal impact; auditors and staff said other districts have experienced similar issues and that the district is working to validate and fix reporting processes.
Next steps: staff will provide a comprehensive report on the LCFF counts, form collection and the checks added to validate CALPADS submissions; auditors will continue to monitor in subsequent audits.
