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District 11 auditors present largely clean annual financial audit; single-audit rules still pending
Summary
Auditors told the Board of Education for District 11 on Nov. 19 that the district nnual comprehensive financial report showed no major findings and no changes to previously reported numbers; a GASB 101 accounting change added about $5 million in compensated-absence liability. The single-audit report remains pending until federal rule guidance is released.
Auditors told the Board of Education for District 11 on Nov. 19 that the district—s annual comprehensive financial report had no major findings and that the numbers the board has already seen will not change.
The presentation, led by Steve Sauer of audit firm Forbus and introduced by district finance leaders, highlighted three areas of emphasis: valuation of investments, useful lives of capital assets related to recent construction and renovation, and pension and other post-employment benefits (PERA). Sauer described a new accounting standard under GASB 101 that requires the district to record compensated absences (sick leave) as a liability, adding about $5,000,000 to the balance sheet.
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