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Cherokee ISD board accepts 2024-25 audit showing modest operating losses, $1.64M fund balance
Summary
The Cherokee ISD Board accepted the district's 2024-2025 annual financial audit, which notes a small net operating loss and a $1,635,000 fund balance; the board voted unanimously to accept the report after a presentation by Richard Bowman.
The Cherokee Independent School District Board of Education voted unanimously Jan. 12 to accept the district's 2024-2025 annual financial audit following a presentation by visitor Richard Bowman.
Bowman directed the board to several audit pages, citing a net loss for the year of $4,956 and a cafeteria fund loss of $38,647. He said the district's fund balance stands at approximately $1,635,000 and pointed to an outstanding property loan of $84,517 that "should be paid off within 5 years." Bowman noted that some year-over-year declines reflected a recent van purchase and said he was "not concerned with loss" after accounting for that expenditure; he also flagged that USDA reimbursements were insufficient to cover total cafeteria costs. The audit further identified that certain federal funds are restricted to specific purposes (noted on P.47 of the report).
Valerie Valdez moved to accept the audit and Travis Shannon seconded; the motion passed unanimously. The board recorded the acceptance both before and after a scheduled executive session.
