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TUSD board approves 2024–25 unaudited actuals after budget presentation and questions about reserves
Summary
After a presentation on unaudited 2024–25 financial statements that showed a roughly $5 million favorable variance largely from accounting adjustments and timing of committed reserves, the Torrance Unified board approved the unaudited actuals and revisions to the 2025–26 ending fund balance.
Torrance Unified School District's finance staff presented the district's unaudited actual financial statements for fiscal year 2024–25 at the Sept. 8 board meeting and recommended board approval of the unaudited results and revisions to the 2025–26 ending fund balance.
The presentation explained that the district finished the year about $5 million more favorable than the adopted estimate. Staff identified three main drivers: accounting adjustments required by auditors (a GASB…
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