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Independent audit: Waco ISD receives clean opinion for fiscal 2025; bond spending drives fund balance changes
Summary
Weaver partner John DeBruro reported an unmodified (clean) opinion on Waco ISD's fiscal 2025 financial statements and no findings on federal program compliance; district revenues and expenditures fell versus the prior year largely because ESSER and construction timing changed.
John DeBruro of Weaver presented the fiscal 2025 audit results to the board, reporting an unmodified opinion on the district's financial statements and no material weaknesses or significant deficiencies in internal control. "I'm happy to report that we've issued an unmodified opinion," DeBruro said, and he told trustees the single-audit compliance work found no reportable findings for Title I, Title II or the special education cluster.
DeBruro summarized financial highlights: governmental fund revenues of $233,000,000 (a $16.8 million decrease from the prior year), driven primarily by an $11.5 million drop in federal program revenue as ESSER and related grants wound down. Governmental fund expenditures totaled $311,700,000 (a $67.8 million decrease), largely reflecting timing in construction projects. The district's governmental fund balance totaled $110,500,000 as of Aug. 31, and the unassigned general fund balance was $63,900,000 (about 39.4% of general fund expenditures).
DeBruro stressed that the audit included tests of internal control, grant compliance, and capital-project accounting, and that there were no required adjusting journal entries or uncorrected misstatements. The board moved to accept the audit report and subsequently approved it by voice vote with no discussion. Trustee comments acknowledged the work of acting CFO Sherry Smith and the finance team in supporting the audit.
