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San Felipe-Del Rio CISD board approves clean audit, reviews $12.6M excess fund balance and project options
Summary
Board accepted an unmodified audit opinion for FY 2024–25, heard a School FIRST A rating (96), and reviewed a list of proposed capital projects totaling about $28 million alongside roughly $12.6 million in excess fund balance and borrowing options.
The San Felipe-Del Rio Consolidated Independent School District board on Dec. 15 approved the district's comprehensive annual financial report for the year ended June 30, 2025, after auditors from CRO LLC delivered a clean opinion on both the financial statements and federal compliance.
Jeff Jensen, the lead auditor, told the board the audit produced “an unmodified opinion” and “no material weaknesses,” noting one immaterial uncorrected misstatement and that the district adopted two new Governmental Accounting Standards Board pronouncements, including GASB 101 on compensated absences that required a restatement to the opening net position of about $5,200,000. Jensen said the district’s total assets were approximately $174,000,000 and the June 30, 2025 fund balance was about $38,300,000, a decrease of roughly $1,800,000 from the prior year. “The district’s financial…
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