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Preliminary audit flags $12–15M revenue shortfall; revised budget deferred pending auditor reconciliation
Summary
Finance staff told the committee they will not present a revised budget until external auditor EisnerAmper finishes work; preliminary findings indicate $12–15 million in revenue shortfalls (Avalon-related receipts, sales tax and federal grants), and staff recommended reconciling figures and possibly scheduling a special meeting to consider corrective steps.
Finance staff told the committee that a revised FY26 budget is not ready for approval and that preliminary work with EisnerAmper indicates the district is likely below original revenue estimates by roughly $12–15 million.
The finance director said the external audit firm’s initial summary suggests Avalon-related receipts and sales tax collections are lower than budgeted and federal program revenue may be about $2…
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