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Board accepts clean audit, approves second‑interim report and adopts positive financial certification
Summary
The board received an unmodified (clean) audit opinion for 2024–25, noted one reportable item regarding teacher salary percentage, and approved the second interim report and a positive certification that the district can meet obligations for the current and next two years.
The San Marino Unified School District Board of Education on March 10 accepted the district’s audited financial statements for the fiscal year ending June 30, 2025, and approved the second interim financial report with a positive certification.
An auditor from CliftonLarsonAllen presented the 2024–25 audit and reported unmodified ("clean") opinions on the financial statements, the federal single audit work and state compliance tests. The auditor said there were no material weaknesses in internal control and no audit adjustments to the numbers that the district previously presented. The report included one required finding: classroom teacher salary spending was reported as just under the state’s 55% requirement, which the auditor listed as a reportable item that did not affect the overall opinion.
Dr. Steven Choi presented the district’s second interim financial report for 2025–26, highlighting a year‑over‑year enrollment increase of 182 students and projected additional revenues tied to average daily attendance. The report showed a projected ending fund balance of $25,069,200, including a state‑required 3% reserve and $6,000,000 in board‑designated committed balances (including $3.5 million for fiscal stabilization and $2.5 million for potential enrollment impacts). Staff recommended and the board adopted a positive certification that the district can meet its fiscal obligations for the current and the next two years.
"We were able to give a clean opinion," the auditor said, noting the audit includes an 89‑page report and that a new GASB accounting standard increased the district’s compensated absence liability.
Board members discussed expenditure drivers including pension contributions, benefits, special education costs and instructional materials. Dr. Choi said the district continues to monitor routine maintenance requirements and federal/state funding shifts.
The board approved the audited financial statements and then voted to adopt the second interim report and a positive certification by unanimous roll call.
