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Edinburg CISD accepts clean audit for year ended Aug. 31, 2024
Summary
The Edinburg CISD Board on Jan. 14 accepted an unmodified audit opinion for the fiscal year ended Aug. 31, 2024. The independent auditor reported healthy fund balances, proceeds from lawsuits recorded as extraordinary items, and no material weaknesses in internal control.
The Edinburg Consolidated Independent School District Board of Trustees voted Jan. 14 to accept the independent financial audit for the year ended Aug. 31, 2024.
Jesus Moncayo, an auditor presenting on behalf of Luis Orozco, CPA, told the board the firm rendered “an unmodified opinion” on the district financial statements and described that as “the cleanest opinion you can get on a set of financial statements.”
Moncayo walked trustees through key amounts in the audit report as included in the board packet: total governmental assets of $196,720,753; total liabilities of $69,483,729; deferred inflows of $8,419,718; and a reported total fund balance of $118,819,306. He also reported a general fund balance of $91,687,149 and an unassigned fund balance of $67,909,550 as shown on the district’s Exhibit C1.
Moncayo said the audit recorded $24,141,183 in “extraordinary items,” which he attributed to proceeds tied to lawsuits, and that the district’s net change in fund balance for the year was $8,253,260. He also told the board the auditors issued an unmodified opinion on each major federal program the firm reviewed and that the audit testing did not identify any material weaknesses in internal control.
Trustees had asked clarifying questions about how much of the reported fund balance is unrestricted and the auditor reiterated the figure shown on the exhibit for the unassigned portion. The audit package includes schedules that break down balances by fund and provide details on federal expenditures; Moncayo noted total federal expenditures listed in the report as $110,680,479.
After the presentation, a board member moved to approve the audit; the motion was seconded and carried by voice vote.
The acceptance places the district’s audited financial statements and the auditor’s compliance reports in the public record; trustees did not request the auditor to return for additional findings beyond questions raised during the presentation.
