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Board hears audit finding that overstatement of assets occurred and receives trustee reports
Summary
Administrators reported a recent audit finding that a prior-year capitalization error overstated district assets by about $4.8 million; trustees also delivered updates on community events and administrators reported on charter visits and veterans-day assemblies.
During trustee and administrator reports, district finance staff disclosed the results of the external audit exit work: an accounting error in a prior year’s capitalization of construction-in-progress left an overstatement of assets of roughly $4.8 million. District staff said the issue related to classification timing — moving a completed project onto the depreciation schedule but not adjusting the construction-in-progress schedule — and that auditors will issue a finding; the board was briefed and staff will finalize adjustments with auditors.
Trustees used the remainder of the agenda to report on recent community events, including chamber awards and veterans-day assemblies at local schools. Administrators reported that the Board of Public Education visited local charter schools (PACE Academy and Rising Wolf) and praised classroom work seen during those visits. Trustees and staff reminded the public of upcoming board meetings and community site visits.
Board direction: Finance will complete the auditor exit steps and provide the board with corrected schedules and any recommended internal controls or process updates at a future meeting.
