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District audit shows no findings; auditors note accounting adjustments
Summary
The district's 2024–25 annual audit had no findings and agreed with an improved net position while auditors flagged typical accounting adjustments (GASB fair-market-value and actuarial entries) that do not change the reported budget figures.
Business staff summarized the San Isabel Union High School District's 2024–25 annual audit, noting auditors found no reportable findings and that actuarial and GASB adjustments affect audit presentation but not the district budget presentation used for state reporting.
The presenter explained that auditors book fair-market-value and GASB accounting adjustments (for example, valuations tied to pension liabilities or software contracts), which can cause audit figures to differ from budget numbers prepared for state reporting. "The audit reflects and agrees with the increased positive net position in the district," the presenter said, adding that no findings were reported and that the audit showed a decrease in the pension liability and improvement in unrestricted deficit measures.
Trustees moved to approve the annual audit report; the motion passed by roll call.
Why it matters: An audit with no findings signals that the district's financial records met auditing standards and that internal controls were sufficient for the audit period.
