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ChatGPTClaudePerplexity· Related development
Audit shows the District's net position fell $48.6 million in fiscal 2022
CMMS CPAs and Advisors presented the District's audit for the year ended September 30, 2022, with a clean opinion: net position of $150.0 million, down $48.6 million from $198.6 million a year earlier. The board accepted the audit with added information about the expected shortfall in the management's discussion and analysis. Sage reported 98% coverage of liabilities by assets and a gap of about $3 million.[1][2]
CMMS CPAs & Advisors PLLCSage Advisory Services (Sage Investment Managers)
What the sources say
- ✓ Verified
Net position reported by the District's auditors at fiscal year end (September 30): $198.6 million in 2021 (up $17.8 million), $150.0 million in 2022 (down $48.6 million), $140.2 million in 2023 (down $9.8 million) and $136.7 million in 2024 (down $3.5 million). Each audit received a clean opinion. [1][2][3][4]
- Net position 2022
- $150,000,000
- Change 2022
- -$48,600,000
- ✓ Verified
The May 23, 2023 minutes do not record a stated reason for the $48.6 million decrease; they record that the board asked for information about the expected shortfall to be added to the audit's management discussion. [2]
