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Draft financial audit clean, district outlines $1.1M budget-alignment plan and virtual-hybrid enrollment options
Summary
Auditors gave Midway ISD a clean (unmodified) opinion on draft financials and reported a healthy unassigned fund balance (~$26.1M). District leaders proposed $1.1M in expense reductions and $305K in revenue realignment (middle-school CTE coding and other changes) and discussed a virtual-hybrid school to attract enrollment.
Auditor Chris Pruitt, an audit partner with Pruitt Brown & Hill, presented a draft of the district’s audited financial statements and said the auditor will issue an unmodified ("clean") opinion: "The financial statements, in our professional opinion, are free of material misstatement," he told trustees. He noted the district's unassigned general fund balance was $26,100,000, roughly 28% of annual expenditures, and said that the figure is within the district’s policy target (25%). Pruitt cautioned that finalizing the single audit depends on the federal OMB compliance supplement, which had not been issued at the time of the presentation; auditors used an OMB draft and do not anticipate material changes.
Following the audit presentation, Wesley Brooks reviewed monthly finance tables and enrollment. He said October spending was about 33% of the budget year-to-date, enrollment was down roughly 90 students…
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