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Lakeside Union adopts 2023-24 unaudited finances; bond fund shows $0 at year-end
Summary
The Lakeside Union School District Board approved the 2023-24 unaudited actuals, noting GASB 96 adjustments, a $0 year-end bond fund balance, and an expected rise in developer fees tied to a new Lakeside development.
The Lakeside Union School District Board of Trustees voted unanimously Sept. 12 to approve the district's 2023-24 unaudited actuals for the fiscal year ending June 30, 2024. Assistant Superintendent Lisa Davis presented the report, which is subject to independent audit, and described accounting changes required by GASB 96.
Davis told the board that the district's three-year rolling average for average daily attendance "has helped the district," and that the Bond fund was officially at "$0" at year-end. She said the Developer Fee Fund is expected to grow in the coming year with a new development in Lakeside. The board approved the unaudited actuals by motion (moved by Vice President Hoefer Moir, seconded by Member Ellenson) with a unanimous 5-0 vote (Ayes: Bennett, Ellenson, Hayes, Hoefer Moir, Kasper).
The report also incorporated a GASB 96 internal journal entry this year, an accounting change the assistant superintendent highlighted as an item affecting presentation of the district's finances. No additional financial adjustments were reported at the meeting; the unaudited figures will be subject to the district's independent audit later in the fiscal year.
The board asked staff to continue monitoring ADA trends and developer fee receipts and to return any audit adjustments to the board once the independent audit is complete.
