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Audit returns clean opinion but GASB accounting change increases accrued‑leave liability; board approves $6.9M supplemental budget
Summary
The district reported an unmodified audit opinion but said a GASB accounting change pushed accrued compensated‑absence liability to about $6 million and lowered reported fund balance; the board approved a $6.9 million supplemental budget amendment and discussed short-term cash tools including a possible tax anticipation note.
District finance staff briefed the Parkrose School District board on Feb. 23 about a recent audit, an accounting change that materially affected reported liabilities, and a proposed supplemental budget that would increase total appropriations by roughly $6.9 million.
The district’s auditor issued an unmodified (clean) opinion, the finance presenter said. At the same time, a change in government accounting standards required the district to recognize accrued compensated absences (sick and vacation-related liabilities) more fully. Sherry (speaker 7) said the liability moved from historically reported amounts in the tens of thousands to an estimated…
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