Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Audit topic
No spam. Unsubscribe anytime.
Independent audit finds no material weaknesses but shows general-fund loss of about $630,000
Summary
Young Oaks presented an unmodified audit opinion for the year ending June 30, 2023, reporting no material weaknesses or findings but showing a general-fund loss of roughly $630,000 and several long-term liabilities.
A representative from Young Oaks presented the district's audit for the year ended June 30, 2023, telling the board auditors issued an unmodified (clean) opinion and identified no material weaknesses, significant deficiencies or federal-program findings.
The auditor said the general fund showed a loss of roughly $630,000 for the year; long-term liabilities noted included two outstanding loans and an other-postemployment-benefit obligation. The auditor characterized the district as a "low risk" auditee for single-audit purposes and directed board members to specific pages in the report for details on liabilities, revenues, expenditures and fund balances.
Board members and administrators used the audit presentation as background for budget discussions later in the meeting. The auditor said revenue was under budget by approximately $2.8 million and expenditures were under budget by about $2.2 million, with the net effect resulting in the reported loss.
The board took no formal action on the audit other than to accept the report for information.
