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Auditors give Lamar CISD a clean opinion; board approves 2023–24 comprehensive financial report
Summary
Whitley Penn issued an unmodified (clean) opinion on Lamar CISD’s 2023–24 financial statements and single audit; the board approved the annual comprehensive financial report and single audit at the Jan. 23 meeting with a unanimous vote.
The Lamar Consolidated Independent School District Board of Trustees voted Jan. 23 to approve the district’s annual comprehensive financial report and single audit for fiscal year 2023–24 after auditors delivered an unmodified (clean) opinion.
Jill (Whitney/Whitley) Penn, presenting a brief overview, told trustees the audit opinion covers both the district’s financial statements and internal control review. She said the auditors found no significant deficiencies or material weaknesses and issued a clean opinion on federal programs tested, including special education and ESSER funding; auditors tested $17.7 million of $46.5 million in federal awards.
Key financial figures reported: the general fund began the year with a fund balance of about $92.5 million and ended the year with $100.5 million, a $8.0 million increase. The district reported general fund revenues of about $443.2 million and expenditures of about $438.2 million. District staff said the unassigned and assigned combined fund balance equals $97.1 million, representing 81 days of operating expense (TEA recommends 75 days).
Other reported highlights: instructional and related student services represent roughly 82.1 percent of general fund expenditures (instruction $273.3 million; instructional and school leadership $33.9 million). The auditors’ comparative analysis of peer districts in Region 4 showed Lamar CISD near the low end of general administrative expense as a percent of budget; the district’s general administration was reported at about $10.6 million or 2.4 percent of total expenditures.
Board action: Trustee Eubank made the motion to approve the annual comprehensive financial report and single audit for fiscal year 2023–24; Secretary Welch seconded. The board voted unanimously with no opposing votes and the motion carried.
Why it matters: the clean opinion signals the auditors found the district’s financial reporting and internal controls sufficient for fiscal 2023–24; trustees and staff noted that strong fund balance and the improvement in net position are important for meeting TEA indicators and avoiding liquidity measures such as bridge loans.
Follow-up: the full (expanded) audit presentation by the auditor will be scheduled for a subsequent board meeting to give trustees more time for questions and review.
