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Audit finds clean opinion but warns Sachem faces structural budget gap
Summary
EFPR Group told the Sachem board it expects to issue clean audit opinions but flagged a large actuarial liability and significant use of reserves that produce a near-term budget gap; board members urged substantive expenditure reductions and further budget scrutiny.
Brent Jensen, partner at EFPR Group, told the Sachem Central School District Board of Education during its meeting that the firm expects to issue unmodified (clean) opinions on the district's basic financial statements, federal grant compliance (single audit) and activity funds, noting no instances of noncompliance found in the audit work.
Jensen said the district's district-wide statement shows a $712,000,000 deficit balance driven largely by an other post-employment benefit (OPEB) liability of about $823,000,000 that GASB requires districts to report; he said that item is an actuarial, long-term liability and does not by itself signal immediate fiscal distress. "That is not something that should be a significant…
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