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Union board receives clean audit; reporting correction tied to GASB 101 and arbitrage liability
Summary
At a regular board meeting the Union district presented a clean 2024–25 audit opinion from RSM US LLP while disclosing a reporting correction: an arbitrage liability was reclassified from fund-level statements to the government-wide statement and GASB 101 changed compensated-absence reporting.
Doctor Williams presented the Union School District's 2024'25 annual comprehensive financial report and said the district received a clean (unmodified) audit opinion from RSM US LLP.
Doctor Williams told the board the audit found a reporting weakness this year tied to an arbitrage liability in bond funds that was initially recorded at the fund level rather than on the government-wide financial statements. He said district staff and the auditors corrected the presentation and that the district will handle the matter differently going forward.
RSM manager Tino Robledo said the firm issued the unmodified opinion Dec. 4, and that an emphasis-of-matter paragraph accompanied the opinion to note changes in reporting…
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