Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Audit topic
No spam. Unsubscribe anytime.
Leakey ISD accepts FY2025 audit showing clean opinion and positive net change
Summary
Auditor Keith Neffendorf presented an unqualified opinion for FY2025, reporting total assets $15,237,404, liabilities $8,161,625, and a positive net change of $826,041; the board unanimously accepted the audit and noted minor recommendations.
Keith Neffendorf of Neffendorf & Blocker, P.C. presented the district's Annual Financial and Compliance Report for the fiscal year ended June 30, 2025, delivering an unqualified (clean) opinion. He highlighted key balances: total assets of $15,237,404; total liabilities of $8,161,625; and a net position of $7,075,779 reflecting a net positive change of $826,041.
Neffendorf reviewed funding sources (local taxpayers 84.4%, state funding 10.8%, federal funding 4.8%), noted the district's tax collection rate of 95.6%, and reported fund balances including a General Fund balance of $2,287,614 and a Debt Service Fund balance of $2,602,727. He identified no material weaknesses or internal control deficiencies; minor recommendations included monthly approval of bank reconciliations and reconciling due-to/due-from accounts related to foundation funding adjustments. The board voted unanimously to accept the FY2025 audit (motion by Tammie Dugat; second by Donnie Dutton).
Board President Tim McLaughlin thanked the auditor and acknowledged community appreciation for staff retention incentives discussed later in the meeting. The audit packet noted an extended TEA submission deadline to Feb. 27, 2026, due to TEAL 2.0 issues.
