Board accepts FY2024 audit: Eide Bailey issues clean, unmodified opinion

San Angelo ISD trustees on Monday accepted the district’s fiscal year 2024 annual financial report after an audit firm delivered an unmodified (clean) opinion.

Jeremy Stevens, CPA and partner with Eide Bailey, told the board the audit "went well" and reported no adjusting journal entries, no material weaknesses and no significant deficiencies in internal control over financial reporting. Stevens said the audit also contained a clean opinion on compliance for the district’s major federal program (the child nutrition cluster), the firm’s single‑audit selection for testing.

Key financial highlights Stevens cited: total assets under full‑accrual reporting were roughly $315.5 million; liabilities were about $195 million; net position therefore was about $120 million. On the governmental funds (modified accrual) basis, total assets were about $101 million and fund balance across all funds fell to approximately $74.6 million, down from about $83.4 million the prior year largely because committed construction funds were spent. The unassigned general‑fund balance was about $51.5 million, or roughly 4.3 months of average monthly general‑fund expenditures, Stevens said, which he characterized as slightly above a commonly recommended three‑month reserve.

Board action: Mr. Dendle moved to approve the annual financial report and the auditor’s opinion; the motion was seconded and passed on a 7‑0 roll call.

Why it matters: A clean audit and no reported findings are generally considered favorable for bond‑rating agencies, lenders and for community confidence ahead of any proposed bond election.

Ending: Trustees thanked district finance staff and the auditor. No additional board action was required beyond approval of the annual financial report and the audit opinion.