Wednesday, February 12, 2025
SPRINGTOWN — On Jan. 21, the Springtown Independent School District board of trustees approved the district's financial audit for the 2023-2024 school year, with positive results for the district’s fiscal health. Rick Kline from Snow Garrett presented the 2023-2024 district financial audit. The audit provided an unmodified opinion and confirmed the district’s financial statements accurately reflect its financial position for the year ending Aug. 31, 2024.
The report, which was discussed in detail at the most recent school board meeting, showed that Springtown ISD’s total assets amounted to $20.5 million, while liabilities totaled $4.3 million. Property taxes accounted for $713,000 in revenue. The district’s general fund had an ending balance of $15.5 million, including $820,000 designated for capital expenditures and $11.4 million in unassigned funds.
In terms of revenue and expenditures, the district saw total revenues of $56.1 million and expenses of $55.2 million, resulting in a net increase of $1.4 million in fund balance. The audit highlighted the successful management of its debt service fund, which saw an increase of $1.7 million.
Board members reviewed the detailed budget comparisons, noting that while some budgeted revenues fell short, actual expenses came in below projections. The final amended budget for the year was closely parallel with the actual figures.
The audit also examined internal controls, finding no material weaknesses or instances of noncompliance with state or federal laws concerning grant contracts. All indicators for the district’s financial reporting were favorable.
“This indicates favor of the district, and they're going in the right direction,” Kline said. In conclusion, the board commended district staff for its cooperation during the audit process and voted to approve the 2023-2024 financial audit, ensuring transparency and accountability for the public. The motion passed unanimously.
