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External auditors give Tyler ISD an unmodified opinion; board accepts 2023-24 audit
Summary
Patillo, Brown & Hill presented an unmodified opinion on Tyler ISD's 2023-24 financial statements; the board accepted the audit and auditors highlighted cash reserves, assigned fund balance and no material weaknesses.
Patillo, Brown & Hill delivered an unmodified audit opinion on Tyler Independent School District's 2023-24 financial statements and trustees voted to accept the report.
"This is what we refer to as an unmodified opinion," John Manning, the lead auditor, told trustees. He said that an unmodified opinion means the auditors did not have to change their opinion due to departures from generally accepted accounting principles.
Manning highlighted key figures: roughly $112 million in cash and cash equivalents and about $5.8 million in separate investments, all confirmed by outside parties. He told trustees the district's general fund ended the year with about $78 million in fund balance, of which approximately $45 million was assigned. Manning said that those figures equate to roughly a four-month reserve, within recommended benchmarks for local governments and school districts.
The auditor reported no material weaknesses or significant deficiencies in internal control related to the financial statements. Manning thanked finance staff by name and credited the district for preparing a comprehensive annual financial report (ACFR) that goes beyond the minimum reporting requirements.
Following the presentation, a trustee moved to approve the audit report for fiscal 2023-24; another trustee seconded, and the board chair stated "ayes have it" and closed the vote.
Why it matters: An unmodified opinion is necessary for full acceptance of audited financial statements by external reviewers and is typically required for certain reporting and bond-rating purposes. The board directed the finance department to finalize the ACFR and file required reports.
Next steps: The finance department will publish the final ACFR, file required documents with oversight agencies and complete the follow-up items outlined by the auditor.
