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Independent auditors give Waco ISD a clean opinion for fiscal 2024; construction drives spending increase
Summary
Auditors reported an unmodified (clean) opinion on Waco ISD's 2024 financial statements and single-audit programs, noting no material weaknesses; construction spending increased expenditures and the district maintains a healthy unassigned fund balance.
An independent audit partner reported a clean (unmodified) opinion on Waco ISD's fiscal year 2024 financial statements and the federal single-audit for major programs including Title I and the child nutrition cluster.
Audit partner John DeBurrow (speaker 1) told trustees the audit found no material weaknesses, significant deficiencies or findings in compliance testing. "We've issued an unmodified or a clean opinion, which means that we feel that the district financial statements were in accordance with GAAP," DeBurrow said. He summarized financial highlights: governmental revenues totaled about $249.8 million (a $1.2 million increase year over year), governmental expenditures were $379.5 million (a $23.9 million increase largely driven by a roughly $27.9 million rise in construction), and unassigned general-fund balance was about $60.9 million (roughly 39.3% of general-fund expenditures), which the auditor described as a healthy level.
Trustees asked about budget-year timing, rolled-forward projects (hail-damage roofing and buses), and a projected deficit for next year; the chief financial officer (Cheryl Davis, speaker 13) and staff discussed amendments and one-time timing issues and said they would present additional budget projections in February or March.
