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Board approves second interim and audited financials; audit finds accounts-payable timing and capital-assets gaps
Summary
Trustees approved the 2025–26 second interim and the 2024–25 audited financial statements. Officials cited an $800,000 Genentech-related revenue adjustment, ongoing special-education cost pressure, and audit findings about late invoices and fragmented capital-asset records; management outlined an ERP migration and consultant inventory plan.
The San Mateo-Foster City School District Board of Trustees on Wednesday approved the district’s 2025–26 second interim financial report and the 2024–25 audited financial statements.
Patrick Gaffney (speaker 9), the district’s finance lead, summarized the second interim and multi-year projections, saying the district expects modest property-tax growth and is integrating enrollment forecasts and cost-of-living adjustments into its assumptions. Gaffney told trustees that a county appeal involving…
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