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Board accepts 2024–25 audits and adopts a positive first‑interim budget; staff flags structural deficit of about $2.2M
Summary
Auditors gave the district an unmodified opinion on the financial statements and federal awards; Measure SOS bond performance testing aligned with voter intent. Staff presented a First Interim report projecting a $22.9M combined general fund balance and flagged a $2.2M structural unrestricted deficit largely driven by enrollment trends and retroactive salary settlements; board certified the first interim as positive (5-0).
The Palos Verdes Peninsula Unified Board accepted multiple audit packets and approved the district’s First Interim budget certification at its Dec. 10 meeting.
Auditor Bobby Patel (I. Bailey) summarized three portions of the audit packet: the financial statement audit, federal awards audit and the state compliance component. He told the board the district earned an unmodified opinion on the financial statements and federal awards; the state awards opinion on one component was modified but the auditor reported no material weaknesses or significant deficiencies in the financial statement audit. Patel also reviewed the schedule of financial trends and noted a recent general fund deficit history as districts drew down one‑time COVID-related monies and ADA…
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