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Audit shows clean opinion but $69.8 million net position deficit; board notes TAN borrowing and AA2 rating
Summary
An external auditor gave Riverhead an unmodified opinion while the district reported a $69.8 million net position deficit related to long‑term benefits, maintained a Moody’s AA2 rating, and used TAN borrowing for 2024–25 cash flow.
The Riverhead Central School District’s audit committee reported Oct. 29 that external auditors from the Bonadio Group issued an unmodified (clean) opinion on the 2023–24 financial statements, but the district’s net position shows a $69,800,000 deficit mainly tied to long‑term employee benefits.
Alan Walter of the Bonadio Group reviewed the draft external audit…
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