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Audit shows no state findings for George County School District; finance staff outline revenue, expenditures and fund balances
Summary
District finance staff reported the 2024 audit showed no findings from the state and provided revenue/expenditure and fund balance updates, including year-over-year changes and capital asset increases tied to recent construction.
District finance staff presented the school district’s FY 2024 audit and monthly financial summary to the board and said the Mississippi Department of Education and the state cleared the audit with no findings.
The presenter said 2024 revenues were approximately $36,000,005 and expenditures approximately $35,000,008, with certain government funds showing an increase due to escrow and project funding. The presenter told the board the overall fund balance in the general fund increased by about $506,000 and total government funds increased by about $460,000. Capital assets increased by approximately $2.2 million, driven by construction and improvements such as the central campus and high school projects. The presenter said the audit reported no material weaknesses or significant deficiencies and that federal-award testing (including ESSER funds) showed no questioned costs.
The finance presenter also explained differences between revenue/expense reports and cash-balance reports, noting some timing differences related to checks still to be processed. Staff said district maintenance cash balance was about $11,008,225 at the time of the report.
The board was informed that audit proposals for the next audit engagement were received and will be brought back with recommendations, and staff noted state deadlines require timely submission of audit reports. Staff also reviewed cost-per-student and average daily attendance figures used in the audit, referencing 3,296 students (ADA), and identified an increase in long-term debt related to an interest-free revolving loan for a high-school park project.
No formal board action to accept or reject the audit was recorded in the audible transcript; staff said they would return with recommended audit firm selection and other follow-up materials as required.
