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Auditors report no findings; COE posts fund balance increase in 2024–25 audit
Summary
The COE's fiscal year audit showed higher ending fund balances and no financial findings; auditors and business services presented revenue, expenditure and fund‑balance figures and explained new GASB reporting items such as compensated absences.
The board received the Santa Cruz County Office of Education fiscal 2024–25 annual audit, presented by business services staff working with the audit firm (Bridal Bailey). The presenters described audit phases, the remote review process, and the components of the audit report (independent auditor's report, management discussion and analysis, financial statements and notes, and supplementary information).
Key figures discussed in the presentation included government‑wide assets and deferred outflows of about $112,000,000; county school service fund revenues of approximately $82.8 million and expenditures of about $70.1 million leading to an increase in fund balance; an ending fund balance reported in slides of roughly $53.8 million; and school‑service fund trends that showed increases from prior years. The presenter explained new GASB reporting items (compensated absences) and summarized pension and other long‑term liabilities; one dollar amount was unclear in the transcript and the presenter corrected it on the record.
The auditor's testing across federal and state compliance programs returned no current‑year findings for the financial statements and no state compliance findings; a prior‑year finding had no financial impact and was mitigated. Trustees thanked business services and internal staff for the clean audit.
What happens next: staff will finalize the audit report for public posting and continue internal control work described in the presentation.
