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District audit issues clean opinion, flags pension and reserve shifts
Summary
An independent auditor gave Bass Lake Joint Union Elementary a clean financial opinion for 2023–24 but noted a $1 million year-over-year decrease in net position and increases in long-term pension liabilities; the board approved the audit and submitted certification to the county.
An independent auditor told the Bass Lake Joint Union Elementary School District board that the 2023–24 financial statements receive a clean opinion and were submitted to the state for review.
"We're giving what's considered a clean opinion saying that the financial statements are presented fairly in all material respects," auditor Christina Zakarian said during the presentation. Zakarian walked the board through summary tables showing the district's net position at about $3,000,000, a decrease of roughly $1,000,000 from the prior year, and an increase in long-term debt of about $1,900,000 tied to the district's proportionate share of STRS and FERS pension liabilities. The auditor also noted the total long-term debt reported at about $30,000,000.
The presentation explained that part of the decline in net position resulted from the district spending down previously unearned funds and a prior-period adjustment of about $164,000 related to bond interest and tax payments. The auditor recommended continued monitoring of available reserves; state guidance for a district this size indicates an available-reserve target near 4% of expenditures. The board approved the audit and signed the county-required certification acknowledging the findings and the audit presentation.
