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Board approves clean fiscal-year 2024 audit; auditors note $6.3 million capitalization for student laptops
Summary
Laredo ISD trustees voted to accept Weaver's annual financial audit for year ended June 30, 2024, which delivered an unmodified (clean) opinion and reported no material weaknesses; auditors also noted a new capitalization policy that moved about $6.3 million for student laptops to capital assets.
LAREDO, Texas ' The Laredo Independent School District Board of Trustees on Nov. 14 voted to accept the fiscal year 2024 annual financial audit, receiving a clean, unmodified opinion from Weaver audit partner Adam McKean.
McKean told trustees the engagement produced no material weaknesses or significant deficiencies in internal control and that the district's single-audit work on federal programs (including Title I and IDEA) likewise resulted in clean reports. "We had issued an unmodified or clean opinion on the financial statements," McKean said during his presentation.
Trustees heard a high-level review of revenues and expenditures, including a year-over-year consistency in the mix of state, local and federal funding. McKean flagged one accounting-policy change adopted this year: the district began capitalizing bulk purchases, which resulted in approximately $6.3 million of student laptops being recorded as capital assets rather than individual operating expenditures. He emphasized that the change affected accounting classification rather than additional spending.
McKean also described audit procedures and risk focus areas, including management override, revenue recognition for state aid and property taxes, accounts payable and payroll disbursements. He said the audit required no adjusting entries and that financial-statement disclosures were "appropriate, neutral and consistent" with prior years.
After brief questions from trustees, a motion to approve the annual financial audit passed on a voice vote. Board President thanked Weaver and district staff for completing the audit and for accommodating a remote presenter.
The board's approval allows the district to finalize and submit required reports to the Texas Education Agency and other state and federal agencies.
