Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Capital Finance topic
No spam. Unsubscribe anytime.
District audit records $15.8 million in BANs and $13.5 million asset additions; auditors note GASB reclassifications
Summary
The audit shows issuance of $15.8 million in bond anticipation notes for the 2023 capital project, capital asset additions of about $14.7 million (net increase $13.5 million), and GASB-driven reclassifications that altered compensated-absence and OPEB liabilities.
Auditors reported issuance of bond anticipation notes (BANs) totaling $15,800,000 for the district's 2023 capital improvement project; those BAN proceeds contributed to a $2,848,000 increase in current and other assets for the year.
The auditor said capital assets increased by $13,522,000 as additions of $14,692,000 exceeded depreciation, amortization, and disposals of $1,170,000. He also described pension and OPEB position changes: recognition of a TRS net pension asset of $1,077,000, a decrease in compensated-absences liability of $2,790,000, and an increase in OPEB liability of $4,126,000 tied to GASB 101 reclassifications. Mr. Hennard told the committee that GASB 103 and GASB 104 effective in 2026 "will be no real impact on the District."
