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Finance staff and auditors report clean audit and note bond proceeds reporting changes
Summary
Finance staff reviewed construction-period investment reporting and transfers to the building fund; auditors reported no findings in the June 30, 2024 audit and noted a fund balance of about $5.4 million as of that date.
Finance staff briefed the board on new reporting lines for bond proceeds and construction-period investments, explaining where trustees will find monthly payout and billing details and how the district will separate revenue-bond and general-obligation-bond balances for accounting.
The board heard that a required transfer to the building fund will occur in December (finance staff cited the transfer amount and directed members to the monthly report for specifics). Staff said investment-line items for construction balances will appear on future summaries and that drawdowns for pay applications will be processed monthly as work proceeds.
An external audit representative reviewed the district—s June 30, 2024 audit. The auditor described the three components of audit review (financial statements and opinion, the —yellow book— internal-control/compliance review, and the single-audit for major federal programs), said the district had no reportable findings this year and noted the district—s fund balance of approximately $5,400,000 as of June 30, 2024.
Board members asked for standard audit follow-ups and staff said the district will maintain monthly construction reporting and continue routine audit procedures; no board action was taken at the meeting.
