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Cloverdale Unified approves unaudited 2023–24 financials; staff warned reserves were drawn down
Summary
The board approved the district’s unaudited 2023–24 financial statements, heard staff report the fiscal-year closeout and deficit drawdowns of one-time funds, and directed auditors to complete the year-end audit in December and staff to return with a revised 2024–25 budget.
The board received and approved the district’s unaudited actual financial statements for 2023–24 after a presentation from business staff.
Finance staff said the unaudited closeout provides the foundational figures auditors will review; the auditors’ year-end fieldwork is scheduled for September 23 and the formal audit report will come to the board in January. The presenter reported a positive ending fund balance but noted the district had spent down one-time funds and recorded anticipated deficit spending in both unrestricted and restricted general funds.
Staff said the district would return to the October board meeting with a revised 2024–25 budget that accounts for updated beginning balances, enrollment and staffing. Trustees discussed reserves, classroom-furniture and technology/track funds and requested historical targets for the district’s categorical / fund allocations.
The board voted to approve the unaudited 2023–24 statements by motion and second; the motion carried.
What’s next: Auditors will complete the formal audit later in the year; staff will present a revised 2024–25 budget in October and provide follow-up details on reserves and targeted fund contributions.
