Committee hears $500,000 insurance-proceeds misclassification corrected during audit
The audit found the district recorded $500,000 in insurance proceeds as deferred or local revenue incorrectly; staff explained the funds should have been recognized last year and were corrected during the audit.
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Committee members were told the audit identified a material weakness related to insurance proceeds and revenue recognition. Gary Bennett (district CFO) said the district received $500,000 from its insurance company but only spent about $340,000 of related expenses in that fiscal year, and the timing led staff to defer revenue instead of recognizing it in the prior year.
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