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Laguna Beach Unified accepts clean audit; staff flag declining ADA and long‑term liabilities
Summary
The school board accepted an unmodified audit for fiscal year ending June 30, 2024, heard monthly financial and developer‑fee reports and discussed long‑term liabilities and declining average daily attendance. The board voted to accept the audit unanimously.
The Laguna Beach Unified School District board unanimously accepted the district's independent audit for the year ended June 30, 2024, after an overview from the district's auditor.
Bobby Patel, identified in the transcript as the auditor presenting the report, told the board the district received unmodified opinions on its financial statements, federal awards and state awards and that auditors found no material weaknesses or significant deficiencies. Patel said the audit uses a risk‑based approach and noted the firm's testing produced no reportable findings.
Chief Business Officer Mr. Dixon reviewed the district's general fund trends and said the district had posted operating surpluses for the last three years but is projecting no change in the adopted budget for 2024–25; he also noted an ongoing statewide pattern of declining average daily attendance (ADA). Dixon said long‑term liabilities have increased in recent years, largely tied to OPEB and pension obligations, but stressed those are long‑term and not due in the coming year.
Board discussion focused on practical implications. A board member moved to accept the audit and the motion carried on a recorded vote (five‑zero). The board thanked staff and the auditor for the timely materials that enabled a timely audit.
Other finance items discussed for information included the monthly financial report through Sept. 30 (expenditures rose due to capital projects and routine restricted maintenance work) and the developer‑fee annual report. Dixon said the residential developer fee shown in the report was the longstanding rate (transcribed in the meeting text as $2.05 per square foot) and the commercial rate as about $0.33 per square foot; the district anticipates roughly $180,000 annually in developer fees and about $550,000 over three years. Staff noted those fees cover only a fraction of the estimated costs for TK/kindergarten modernization and are intended for growth‑related needs, not ongoing operations.
What happens next: The board accepted the audit. Staff will continue routine budget monitoring and return with any material changes at future interim budget hearings.
