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Board authorizes steps to sell bonds and reviews Lake Grove Swim Park audit
Summary
The board approved a resolution allowing staff to begin formal work to sell the first tranche of voter-approved bonds and reviewed the audited financials for Lake Grove Swim Park, which showed a $6,451 over-expenditure and a deficit fund balance primarily linked to debt service.
The board adopted a resolution that permits district staff to begin formal work toward selling the first tranche of bonds authorized by voters in the November 2025 measure, with a target timeframe around May. Staff said the resolution incorporates changes and commentary from bond counsel and is intended to position the district for a successful sale this spring.
In a separate information item, district staff presented the audited financial statements for Lake Grove Swim Park for the fiscal year ended June 30, 2025. The audit included two findings: a $6,451 over-expenditure in the personal-services appropriation category and a deficit fund balance related primarily to a $61,000 debt-service payment. Staff said the debt-service payments will continue for several years but that the matter is expected to resolve over time as costs and revenues are refined. The auditor's opinion on the financial statements was unqualified.
