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Board hears FY25 audit timeline; audit deadline tied to borrowing and credit rating
Summary
Administration said the FY25 audit is underway and contractually due by October 31; advisers warned rating agencies will likely require the audit before issuing a credit rating, meaning district borrowing and refundings are contingent on timely audit completion.
Board members expressed concern about the FY25 audit timetable and potential past delays. A board member asked whether the district could borrow before the FY25 audit was completed; Ally and bond counsel said rating agencies generally require the prior year's audit once another fiscal year end has been crossed, which means the district is unlikely to obtain a market rating until the FY25 audit is in hand.
Business-office staff reported the audit fieldwork had begun and that auditors were scheduling visits with the district; they said they see no reason the audit will not be finished by the October contract deadline. One board member urged frequent follow-up with the audit firm given the district's reliance on timely audit completion for bonding and refinancing opportunities.
Administration described having already engaged the present audit firm for continuity and said the firm committed in writing to finish by October 31; the district will reassess the firm's suitability for 25/26 if timelines slip. Board members asked for an ongoing status report so borrowing plans and lender conversations can proceed as soon as audited statements are available.
