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Annual Financial Audit Approved

Annual Financial Audit Approved

WFISD receives cleanest possible opinion

 

An audit of the 2015-2016 fiscal year of the Wichita Falls ISD resulted in “the cleanest opinion you could receive,” according to Weaver and Tidwell LLP partner Sarah Dempsey.

 

“That is what you are used to receiving,” she said.

 

The audit focused special attention on the District’s special education cluster and Title 2 finances, she said.

 

WFISD board members convened in a special session Thursday noon to approve the Annual Financial Report for the fiscal year that ended Aug. 31, 2016.

 

Board members approved the report in a 6-0 vote.

 

The Dallas certified public accounting firm, Weaver and Tidwell LLP, audited the District’s annual financial statement this year.

 

Financial highlights in the report:

 

  • The District expensed $137.5 million, which was $5.4 million less than its revenue of $142.9 million.
  • The District saw a $5.4 million increase in its net position. This was due to tax revenue, grants and contributions.
  • The General Fund fund balance (savings account) was $29.4 million, which was an increase of $5.1 million.
  • The fund balance of the Capital Projects Fund is $23.9 million, a decrease of $35 million. This reflected the sale of bonds from the May 2015 bond election.
  • The fund balance (savings account) for the Child Nutrition Fund rose by $0.8 million, to $2 million.

 

Ms. Dempsey noted more difficulty than usual in completing the audit since WFISD lost three key financial employees, including its chief financial officer, just as the audit began.

 

Board members commented on the rushed nature of the special session’s presentation and the brief look the board had before approving it.

 

“Next year we want a little more time to see it beforehand,” said Board President Dale Harvey.