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Audit: Selenus Union High reports $2.2M general‑fund shortfall; auditors flag no findings
Summary
Contract auditors presented the 2024–25 financial audit showing a $2.2 million general‑fund deficit, $511.2 million in long‑term liabilities and a $398 million capital‑asset base; auditors reported no findings and noted a new GASB 101 requirement to report sick‑leave accruals.
Linda Young, the district’s contracted senior associate auditor, told the Selenus Union High School District board on Jan. 27 that the 2024–25 audit showed no findings but identified accounting changes that affect reported liabilities.
"We did not find the financial statements to be misleading this year," Linda Young said during the presentation, explaining that the new GASB 101 reporting requirement now forces districts to include leave accruals such as sick leave in long‑term liabilities.
The audit showed capital assets of about $398 million and long‑term liabilities of roughly $511.2 million, an increase of $3.7 million from the prior year. General‑fund revenues totaled $331.9 million against expenditures of $334.1 million, producing a $2.2 million deficit for the fiscal year and an ending general‑fund balance of $116.9 million (about a 13% reserve). The district’s building fund recorded a larger deficit of about $41 million, leaving a restricted ending balance of $39.9 million for bond projects.
Trustees used the presentation to clarify the scope of GASB 101. "So we take our total headcount of employees and how much sick leave they have on the books," one trustee asked. Young confirmed that accrued but unpaid leave must now be reported and that it becomes part of the compensated‑absences umbrella auditors disclose.
District staff said the audit will be accepted under the consent calendar and that the report shows no financial statement, compliance, or prior‑year findings requiring follow‑up. Trustees thanked auditors and district fiscal staff for the presentation as the board moved on to public comment and other agenda items.
The audit presentation is scheduled for inclusion in the district’s submitted reports to the state as part of the standard financial‑reporting cycle.
