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External auditors issue unmodified opinion for Paramount Unified; no findings reported
Summary
CWDL auditors presented the district’s fiscal year 2024–25 audit and reported an unmodified opinion with no findings; the general fund showed an estimated net change in fund balance of about $29 million and reserves of about $19 million.
Alicia Hernandez of audit firm CWDL presented Paramount Unified School District’s external audit for the fiscal year ending June 30, 2025, telling the board the auditors issued an unmodified opinion and found no reportable findings. "We call this an unmodified opinion, the best assurance the auditor can issue," Hernandez said, and she thanked the district’s fiscal team for their cooperation.
Hernandez summarized the audited financial statements and supporting schedules, including the district’s statement of net position, statement of activities and reconciliations. She noted the district is spending down restricted grant funds such as the Expanded Learning Opportunities Grant and other discretionary block grants, and said one‑time COVID ESSER funds had been fully spent as of June 30, 2024.
The audit highlights presented to the board included a general fund net change in fund balance of about $29,000,000 and a reserve for economic uncertainties of about $19,000,000, both figures shown as consistent with the audited financial statements. Hernandez also noted federal single‑audit thresholds and changes to reporting requirements, and encouraged continued attention to federal program compliance as thresholds change.
Patricia Tu, assistant superintendent of business services, introduced the audit presentation and thanked the business office and fiscal team for their work. Board members offered congratulations on the clean audit.
