East Central ISD audit preview: fund balance fell $7 million and auditors to present findings next week
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Summary
District finance staff told trustees the 2024–25 independent audit will be presented next week; preliminary remarks noted the district’s fund balance fell by $7,000,000 year-over-year, in part because the district added about $2,000,000 to its health program, and auditors will review fund components and internal controls under GASB and TEA requirements.
At the Jan. 8 workshop, Speaker 4 said a representative from Coleman and Wharton Associates will present the district’s 2024–25 audit at next week’s meeting and that the formal audit will be a public action item.
Speaker 2 (Judy) walked trustees through the audit process, describing months of document collection (questionnaires, invoices, payroll spreadsheets) uploaded to the auditor portal and on-site review procedures the firm follows under GASB standards. She said auditors request a wide range of documents (bank reconciliations, invoices above $10,000, TRS data, special-education and nutrition records) and that the auditors often perform fieldwork over several days.
Speaker 2 told the board: "Our fund balance went down tremendously, in 1 year. We went down $7,000,000, and ... we had to put $2,000,000 into our health program." She said the auditors are aware and will review fund-balance components and present key pages of the audit next week. Speaker 4 added that the district still had about $20,000,000 in fund balance and outlined planned budget adjustments to restore balances over time while maintaining focus on student outcomes.
What happens next: Deloitte Coleman and Wharton (audit representative Derek Coleman Hart) will present the full audit report next week; trustees will consider any formal action then and can ask detailed questions about findings and recommended adjustments.