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District auditor gives clean opinion; staff outline $1.8 million compensated-absences liability
Summary
Presenter reported an unmodified (clean) audit opinion on the district's financial statements and highlighted a $1,800,000 liability from adoption of compensated-absence accounting guidance and a year-end general-fund balance reported around $2,700,000.
Presenter (S1) told the board the auditors issued an unmodified opinion on the district's basic financial statements, noting there were no exceptions requiring additional action. "The most important question is that the audit letter in the bound copy is an unmodified opinion of the basic financial statements," S1 said, adding that the auditors "found no exceptions or issues requiring."
S1 also explained an accounting-principle change required this year (GASB guidance on compensated absences) and said the district carried a $1,800,000 accrued compensated-absences liability on its government-wide statements. The presenter walked the board through fund-level numbers, noting the state school fund figure cited in the packet ($17,000,000) and a year-end general-fund balance of about $2,700,000 as presented in the audit report. Board members asked procedural questions about the timing for responding to any potential findings and the follow-up plan if a material weakness were identified.
