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Gainesville ISD board accepts annual audit showing $21.4M fund balance and positive variances
Summary
The board accepted the district's annual financial audit for year ending Aug. 31, 2024, which reported a total fund balance of $21,439,296 and a positive budget-to-actual variance of $1,227,701; federal expenditures totaled about $6.5 million.
Trustees voted on Jan. 21 to accept Gainesville ISD's annual financial audit for the year ending Aug. 31, 2024, after a presentation by Scott Scarborough of audit firm Hankins, Eastup, Deaton, Tonn, Seay and Scarborough, LLC.
Scarborough highlighted key figures from the audit: a total fund balance of $21,439,296; a favorable budget-to-actual variance of $1,227,701; a positive debt service fund balance of $368,421; total federal expenditures of about $6.5 million; a child nutrition fund balance of $1,718,088; and a student activity fund balance of $158,637.45. Following the presentation, the board voted to accept the audit. The motion carried 5-0.
Board acceptance of the audit completes the district's formal review of fiscal year 2023—024 financials and makes the audit available for public review under standard district processes. The district did not record additional budget actions tied directly to the audit at this meeting.
