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Finance committee hears audit delay, interim statements show small surplus but long-term gap remains
Summary
Town finance staff told the Portola Valley Finance Committee that audit completion for FY2022–23 is delayed by two GASB-related adjustments; interim statements show a modest FY24–25 surplus but members were warned the town still faces a structural deficit and potential sheriff-contract cost pressures next year.
Tony, the town finance staff member who presented the report, told the committee the audit for fiscal years 2022–23 is delayed by two technical accounting items that must be resolved before final statements can be issued. "Part of the delay is there are two GASB pronouncements that... one was our OPEB valuation. The report came back and the beginning number for '23 didn't tie to the ending number of '22," Tony said, adding the subscription-accounting pronouncement also requires staff and auditors to reclassify some arrangements.
The interim fund financial statements Tony presented show mixed results: he described a projected $1.3 million reduction in the general…
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