Killeen ISD’s careful management of taxpayer money resulted in a “clean” annual audit from an independent accounting firm Tuesday.
The audit by regional accounting firm Lott, Vernon and Company showed KISD received $380.5 million in revenue in the general fund in the 2016-17 fiscal year and spent $356.9 million from the general fund during the audited fiscal year.
By carefully managing its spending and revenues, the district was able to transfer $15.5 million from the general fund to pay for school maintenance, construction and repairs. The school district spent $47.55 million from the school building project fund in the audited fiscal year to complete building projects including the newly opened Roy J. Smith Middle School and Alice W. Douse Elementary School. At the end of the fiscal year, KISD had a surplus of $8.2 million in the general fund.
“We are very serious about taking great care with the use of the funds that the taxpayers give us to educate the students of Killeen ISD,” Superintendent John Craft said. “The KISD Board of Trustees and the administration have made cautious, efficient use of our revenues to give our students a high-quality education. We are pleased that this annual financial audit shows again that our school district takes good care of the taxpayers’ money.”
Lott, Vernon and Company presented the results of the annual financial audit to the school board Tuesday night.
The district received an “unmodified audit opinion.” The Schedule of Findings and Questioned Costs showed that there were no material weaknesses or significant deficiencies identified for the financial statements and federal awards.
“In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the Killeen Independent School District as of August 31, 2017, and for the respective changes in financial position and the respective budgetary comparison for the General Fund for the year then ended in accordance with accounting principles generally accepted in the United States,” the audit report stated.
Killeen ISD has received the Certificate of Excellence in Financial Reporting from the Government Finance Offices Association for the last 26 consecutive years and from Association of School Business Officials for the last 25 consecutive years.
January 10, 2018