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Murrieta Valley audits clear, board accepts positive first interim certification
Summary
Independent auditors issued unmodified opinions on the district's fiscal year 2024–25 financial and Measure BB audits with no findings; the board accepted the audits and approved a first interim report with a positive certification while staff warned of structural deficits in the two out years driven by declining attendance.
Independent auditors reported clean results for the district's FY 2024–25 financial audit and for the Measure BB bond fund.
John Dominguez of audit firm CWDL told trustees the firm rendered an unmodified opinion on the financial statements, found no material weaknesses in internal control and identified no instances of noncompliance in federal or state-required testing. The auditors also performed a Measure BB performance audit and found roughly $5.2 million in Measure BB activity for the year and concluded expenditures were allowable and properly segregated under Proposition 39.
"We rendered an unmodified opinion... we did not identify adjustments to the financials that were required," Dominguez said. "We did not identify any [internal control] concerns and we did not identify instances of noncompliance." The board accepted both audit reports unanimously.
Separately, the district's fiscal staff presented the first interim budget for 2025–26 and a multiyear projection. Staff reported a combined general-fund projected ending balance near $126 million for 2025–26, but cautioned the board the district faces structural deficit risk in the two out years largely because of declining Average Daily Attendance (ADA) and one-time state funding dynamics. The first interim concluded with a positive certification — meaning staff judged the district can meet financial obligations for the current and two successive fiscal years — and trustees approved the certification 5-0.
Staff highlighted several budget changes since adoption, including a $1.7 million increase for TK grant revenues, higher projected interest earnings, and one-time state allocations such as the student-support and professional-development block grant. Trustees asked about state budget uncertainty and how deferrals and one-time funds can affect longer-term planning; staff said they will monitor January state actions and update the second interim in March.
