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Southwest ISD receives clean audit for 2023–24; general fund draws down about $9 million
Summary
Independent auditors gave Southwest ISD an unmodified (clean) opinion on its 2023–24 financial statements and federal programs and reported an overall district fund-balance decrease of roughly $18.4 million to about $282 million.
An independent auditor told the Southwest ISD Board of Trustees that the district’s 2023–24 financial statements and federal-program compliance received unmodified (clean) opinions, and the board approved the audit at the Jan. meeting.
Derek Walker of Coleman Horton and Company, the district’s external auditor, presented the audit and said the audit found no reportable deficiencies in internal control or compliance over federal programs and that the district’s financial statements “present fairly in all material respects” as of Aug. 31, 2024. Walker said the district received three unmodified opinions — on the financial statements, on internal control/compliance for federal funds, and on major federal programs.
Walker reviewed fund-level results from the audit. He said the general fund reported about $160 million in revenues and about $170 million in expenditures, producing a decrease in general fund balance of roughly $9 million and leaving an ending general fund balance of about $73 million (approximately a five-month reserve). He said the capital projects fund reflected large, timing-driven changes tied to bond proceeds and project spending and that the district’s overall fund balance declined by about $18.4 million, leaving total district fund balance near $282 million.
Board members asked a procedural question about a single budget-function over-expenditure in instructional leadership; a district finance official said the overage stemmed from accrual timing and presentation and did not affect total fund balance. Walker noted the audit must be submitted by the 28th and asked that the board president and secretary sign the audit certificate.
After the presentation, a board member moved to approve the 2023–24 audit as presented; the motion was seconded and approved by voice vote.
The audit book contains the detailed schedules cited in the presentation (opinion letters, fund statements, budgetary comparison schedule) and will be retained with the district’s records for submission to the state.
