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External auditors give SFUSD a clean opinion; GASB 45 notes $700 million in retiree liabilities
Summary
Auditors presented a clean opinion on SFUSD’s financial statements, noted implementation of GASB 45 recognizing retiree post-employment benefits (auditors cited actuarial liabilities close to $700,000,000), and reported reserves at about 3.6%; the board accepted the audit after discussion and questions.
External auditors told the San Francisco Unified School District board they issued an unqualified (clean) opinion on the district’s financial statements and highlighted two narrative items for board attention: the district’s first-year implementation of GASB 45 (recognizing post-employment retiree benefit liabilities) and certain estimates underlying that liability.
Audit…
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