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Independent auditor gives Crosby ISD a clean opinion on 2024–25 financials; board approves report
Summary
Whitley Penn presented an unmodified opinion on Crosby ISD’s fiscal 2024–25 financial statements and reported no internal control or compliance findings; trustees approved the annual financial report unanimously, though the single‑audit federal piece remains pending OMB guidance.
Patrick Simmons, an audit partner with Whitley Penn, told the Crosby ISD Board of Trustees the district’s 2024–25 financial statements will receive an unmodified (clean) opinion and that the auditors identified no internal control or compliance findings during their review.
Simmons and his team summarized revenue and expenditure highlights: state aid accounted for about 60% of revenue, property taxes about 30%, and instruction represented roughly 54% of general fund expenditures. A required one‑time debt service payment (the 2010 qualified school maintenance tax note payoff) led to a net decrease in fund balance for the year; the district ended with an approximate unassigned/assigned fund balance equal to about 196 days of expenditures, well above the TEA recommended 90 days.
The auditor noted a change in accounting for compensated absences under a new standard that recognizes a larger liability for leave expected to be taken, but said the change does not affect the district’s general fund availability. He also said the federal single‑audit report could not be finalized until the OMB compliance supplement is released; Whitley Penn expects that final step to be procedural.
Trustees asked clarifying questions about personnel cost ratios and the debt service payment; staff explained that the one‑time debt payment reduced the personnel‑cost percentage and that, excluding that payment, personnel costs align with prior years at about 80%.
After discussion, the board voted to approve the 2024–25 annual financial report; the board will receive the single‑audit federal portion for formal approval once the OMB compliance supplement is issued.
