District trustees approved the financial audit report for the 2020 fiscal year, during a special meeting Wednesday, Jan. 27th.
Susan Murrell from the Lufkin-based CPA firm Alexander, Lankford & Hiers explained that the district expects to receive 'an unmodified opinion, with no significant deficiencies or material weaknesses in internal controls over financial reporting and compliance.'
In his final report to the board before he begins his tenure at DeSoto ISD, Assistant Superintendent of Finance Mr. Joey Jones said he was pleased to be 'leaving the district with a clean financial audit report.'
A 'clean' audit means that financial statements were prepared in accordance with generally accepted accounting standards and that there are no material misstatements.
Longview ISD's general fund balance increased by $2,888,715 to $41,255,494. Mr. Jones said the savings is due to the Covid-19 closure 'and the revenue recognition of six more chartered campuses for the start of the 2020-21 school year.'
'Our conservative budgeting approach for student attendance and property tax collections help achieve positive budget to actual results,' he said. 'Our expenditures totaled $83,097,762, an increase over our adopted budget of $1,230,115. During the year we presented multiple budget amendments for board authorization of fund balance use. These budget amendments were for expenditures not included in the original adopted budget, and the fiscal year activity exceeded the original adopted budget.'
The clean audit comes on the heels of Longview ISD's 'A' rating from the Texas Education Agency's Financial Integrity Rating System of Texas. The district also holds a AAA bond rating from S&P Global and an Aa2 bond rating from Moody's Investment Service Inc. The S&P rating indicates that bonds are of the highest quality and offer the lowest degree of investment risk. Issuers are considered extremely stable and dependable.
You can download the complete Financial Audit Report and the Year-End Financial Report for the 2020 fiscal year.
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Trustees usually meet in the boardroom of the LISD Education Support Center (1301 E. Young Street), but often set special-called meetings at various locations around the district.
The next regular meeting is tentatively scheduled for 6 p.m. Feb. 8th, 2021.
Due to public health protocols currently in place, anyone wishing to attend the meeting in person must abide by COVID-19 guidelines, as only limited seating capacity is available. The meeting will be streamed online at LISD.org/BoardroomLive.
For more information about the Longview ISD Board of Trustees please click here.