Cove ISD receives clean financial bill of health - KXXV Central Texas News Now

Cove ISD receives clean financial bill of health

(Source: Raycom Media) (Source: Raycom Media)

Despite budget cuts and major reductions in impact aid to school districts across the country, Copperas Cove ISD received a clean audit and has been deemed financially sound.

As mandated by the state, the District’s Annual Financial Report must be approved by the Board of Trustees and submitted to the Texas Education Agency by Jan. 31, 2017, said Glenn Graham, CCISD Executive Director of Business Services. 

“The District received an unmodified opinion from the independent auditor’s which indicates that the financial information was free from material misstatements and was a fair presentation in accordance with accounting principles generally accepted in the United States of America. The independent auditor’s report also indicated no material weaknesses in internal control,” Graham said.

Here's a look at how the numbers break down. The District ended the fiscal year with a fund balance in the general fund of $64,843,225 which represents eight months of operating expenditures and an increase of $5,044,564 over the previous year.

The District also received a clean report on compliance for the ESEA Title I – Improving Basic Programs, Title VIII – Impact Aid and Special Education and was determined to be a low risk auditee.

“This prestigious honor becomes more challenging each year as operational funds continue to shrink and investment opportunities become more limited,” said CCISD Superintendent Joe Burns. “I want to once again recognize the outstanding efforts of the staff who serve in the CCISD Business Office, the oversight of the school board and our employees who continually demonstrate a willingness to stretch every dollar as far as possible to make sure our students have the best opportunities to succeed.”

CCISD passed the TEA’s financial accountability standards back in July receiving the state’s highest rating and demonstrating the quality of the district’s financial management and reporting system. This is the thirteenth year for the district to receive the highest possible rating, and the district again obtained a perfect score.

The Financial Integrity Rating System of Texas ratings are based on 20 established financial indicators including operating expenditures for instruction, tax collection rates, student-teacher ratios and long-term debt.  More than 1,200 school districts and charter schools are rated.

Prior to this year, schools received one of four ratings - Superior, Above Standard, Standard, or Substandard - based on annual financial reports provided from the 2013-2014 school year.

This year, the rating was changed from Passed to Substandard Achievement.  Approximately 95 percent of Texas school districts received a FIRST rating of Passed. Districts can also receive Suspended Data Quality or Undetermined if they fail to turn in annual reports by the deadline.

Although only four months have passed in this fiscal year, the District now begins the formal budget process for Fiscal Year 2018. The official Fiscal Year 2018 General Operating, Debt Service and Food Service budgets will be adopted by the Board of Trustees in August 2017.

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