Commentary Of the 27 school districts in Orange County, just one has restricted net assets. The remaining districts have unrestricted net assets, meaning their liabilities exceed their assets. To help understand the solvency of school districts, I provided a chart. It provides the unrestricted net position from the June 30, 2019 audited financial statements from each of Orange County’s 27 school districts. (The June 30, 2020 audits are not yet online.) Each school district serves a population. Dividing that population into the unrestricted net position provides a per capita, which is ranked. I’ve also provided the same information for the year ending June 30, 2018. Only one district, Fountain Valley Elementary, has unrestricted net assets. Fountain Valley’s elected trustees put the sale proceeds of excess real estate in an escrow and have not used these funds for ordinary annual expenses. A wise move. Two-thirds of the districts have pretty much …