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Auditor: District ended FY24–25 with about $11.1 million; board adopts corrective action after $85,000 year‑end payable
Summary
Acuity LLC presented the district's 2024–25 audit, reporting roughly $11.1 million in fund balance and one notable finding — an $85,000 payable that was recorded late. The board voted to accept the audit and adopt a corrective-action plan required by the Secretary of State.
Corey of Acuity LLC told the Pleasant Hill School District board that the district finished fiscal year 2024–25 with about $11,100,000 in fund balance and approximately $8,440,000 of that unassigned in the general fund. "Overall, the district ended the fiscal year with about $11,100,000 in fund balance," Corey said during the audit presentation.
Corey said auditors found two journal entries requiring explanation and one payable that had not been recorded at year end. "There was a payable that wasn't recorded … it was $85,000," Corey said, describing it as large enough to require an adjusting entry and a notation in the audit report. The auditor characterized the item as a one‑time timing issue, not an indication of fraud or federal‑grant noncompliance, and recommended an extra invoice review step during the year‑end close process.
The audit presentation covered federal compliance work and routine audit findings. Corey noted the district's federal compliance threshold had risen and that the nutrition program audit showed no problems. The presenter said the general fund increased its fund balance by about $270,000 in the year under review and highlighted that payables and the year‑end close process merited an additional internal check.
Following the presentation, a board member moved that the board accept the 2024–25 annual financial audit and adopt the district's corrective‑action plan to remediate the unrecorded‑payable finding in accordance with Secretary of State requirements. The motion was moved, seconded and approved.
What happens next: the board adopted the corrective‑action plan required by state reporting and the auditor recommended staff add an extra invoice review step to reduce the risk of a similar year‑end finding in future audits.
