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Auditors give district an unmodified opinion; facilities update shows construction progress
Summary
External auditors delivered an unmodified (clean) opinion on the district's financial statements; auditors reported a healthy general fund balance and no material weaknesses. Separately, facilities staff reported substantial progress on Lake W. High School and Liberty Hill Elementary construction.
External auditors presented the district’s annual financial audit and issued an unmodified opinion, reporting general fund revenues near $120 million and a general fund balance that increased by about $1.1 million to roughly $32 million at June 30. Auditors reported no material weaknesses, no significant deficiencies and a clean single-audit review of USDA programs.
Ken Meadows, partner on the audit, said revenues exceeded budget by about $5 million mainly due to higher investment earnings and property-tax revenues. He noted capital projects and bond proceeds remain sizable: the capital projects fund balance was reported at about $89 million, including unspent bond proceeds earmarked for the new Liberty Hill Elementary and Lake W. High School projects.
Meadows summarized long-term obligations and accounting changes, reporting approximately $128 million in long-term debt and describing new accounting guidance that required capitalization of grouped capital purchases (e.g., technology leases). The audit team highlighted a healthy fund balance that meets or exceeds guidance and noted only routine recommendations, such as internal-control reminders around school-level activity funds.
Facilities staff (Dr Hopkins) also briefed the board on construction updates: the Fieldhouse is substantially enclosed, fine-arts wing brickwork is underway at Roosevelt Middle, retention ponds and site clearing are complete at Liberty Hill Elementary, and utility/roadwork is advancing. Staff said contractors are on schedule and that a groundbreaking for Liberty Hill Elementary is expected soon.
The board had opportunity to ask questions; there were no formal objections to accepting the audit presentation. The board received the audit and facilities reports as part of the superintendent’s report.
