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Independent auditors give Washington Unified clean opinion; trustees discuss reserves and GASB changes
Summary
James Marder & Company presented unmodified (clean) opinions on the district and bond audits for 2024–25; auditors highlighted increased assets tied to bond capital outlay, a 10.4% reserve level, and GASB 101 impacts on compensated absences. Trustees asked for clarification on actuarial changes and implications for future budgeting.
Independent auditors from James Marder & Company presented the district's 2024–25 financial audit and measure bond audits, issuing unmodified (clean) opinions on both the district financial statements and bond performance testing.
Audit findings and context: The auditor said total assets increased about $27.3 million, driven primarily by bond‑funded capital outlays; general fund revenues are down compared with the prior year largely because federal COVID stimulus funds have ended. The auditor highlighted reserves of 10.4% and cautioned that the state budget outlook is uncertain. GASB 101 implementation (compensated absences) and updated actuarial valuations affected liabilities and net position; auditors explained that sick leave recognition will be included going forward but the aggregate liability changed due to actuarial factors and bond amortization.
Q&A and trustee response: Trustees asked follow‑up questions about GASB 101 effects on liabilities and about how reserves are being managed. Trustees commended fiscal staff for a smooth audit process and for strong internal controls; the board approved the audit reports by roll call vote.
Why it matters: A clean audit and healthy reserves provide the district flexibility during a period of shrinking state revenues, but trustees noted ongoing fiscal uncertainty and the need for transparent reporting as they consider budget choices and labor negotiations.
Next steps: Trustees requested continued trend reporting, footnote breakdowns for compensated absences, and monitoring of revenue forecasts tied to the governor’s budget developments.
