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Auditor: District posts modest surplus and reports no material federal compliance findings
Summary
The district’s auditor reported that audited financial statements are fairly presented under GAAP, the general fund ended with an unassigned balance near $7.2 million (about 8% of expenditures), revenues exceeded expenditures for the year, and the single-audit review found no material instances of noncompliance for tested federal programs.
The auditor presented a two-page summary of the district’s audited financial statements and single-audit results, telling the board the financial statements are "fairly presented" in accordance with generally accepted accounting principles. The auditor said total general fund revenues were roughly $91.18 million against expenditures of about $77.0 million, producing a year-end increase in fund balance. The auditor…
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