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Independent auditor gives Canyon ISD a clean opinion; general-fund balance equals about 5.5 months of operations
Summary
Brown Graham & Company reported an unmodified (clean) opinion on Canyon ISD’s 2023–24 financial statements and the district’s general-fund balance equated to roughly 5.5 months of operating expenditures; the board accepted the audit unanimously.
Lede: Independent auditors from Brown Graham & Company delivered the 2023–24 annual financial audit to the Canyon ISD board on Jan. 13 and issued an unmodified (clean) opinion on the district’s financial statements.
Nut graf: Auditor Gary Brown told trustees that while the district’s government-wide financial position included large long-term pension and OPEB entries required by accounting standards, the general fund’s year-end balance equated to about 5.5 months of operations — near but slightly below analysts’ preferred six-month target. The board voted to accept the audit by a 7–0 vote.
Body: Gary Brown, audit partner at Brown Graham & Company, summarized the firm’s work and said auditors used a risk-based approach and a team of auditors who performed on-site testing. The report included two sets of audit adjustments: a standard government-wide conversion set that the district does not post to books and a set of recommended adjustments that the district does post. Brown and district finance staff said the larger-than-usual recommended adjustments this year were attributable in part to timing and to leadership transition in finance; auditors told trustees they expect fewer such adjustments next year.
On a narrower fund basis, the general fund had assets of roughly $58 million and cash/investments made up about 93% of those fund assets at year end. Brown said the ending general-fund balance of approximately $50.7 million represented about 5.5 months of operating expenditures measured against the year’s expenditures, noting a commonly cited target minimum of roughly six months. The auditors reported no material compliance findings on federal programs tested and said the single-audit testing of special education produced no reportable compliance exceptions. Auditors did note that one day in the year the district’s pledged-collateral coverage was below the test threshold but that the bank restored the coverage the next business day.
Board action: The board approved acceptance of the 2023–24 annual audit as presented by unanimous roll call (motion by Casey; second by Randy; vote 7–0).
Ending: The superintendent and finance director said staff will use auditor recommendations to refine year-end close processes and reduce recommended adjustments next year.
