COPPERAS COVE – At its regular January board meeting, the Copperas Cove ISD Board of Trustees approved the district’s annual financial audit.
State law requires all public school districts to have an outside entity perform an audit of its financial transactions following each fiscal year.
Beginning with its 2023-24 audit, the one outlined in this summary and on the district’s Financial Transparency page, CCISD contracted with Singleton, Clark & Company, PC Certified Public Accountants to perform its annual audit during its July board meeting.
Auditors found that the district’s capital asset balance, after depreciation, in the 2024 fiscal year totaled $129,417,863, down from $134,405,889 in the previous year.
The district ended the fiscal year with $2,837,666 in total debt.
Auditors confirmed the district’s net expenses, after accounting for program revenues, totaled $94,915,961, which was within the $95,026,656 approved by the Board of Trustees.
The audited general fund balance for the district, which functions as its savings account for emergencies and delayed payments to the district, was $76,803,697. The State of Texas recommends districts save 90 days of operating cost in its fund balance, while the locally-elected Board of Trustees prefers the district maintain 120 days of operating cost in its fund balance.
The fund balance to operate the Child Nutrition department, which is maintained separately and cannot be used for general district operations, totaled $4,593,075.
The auditors did have one finding of the district’s financial operations, stating that actual expenditure amounts exceeded appropriations in certain line items of the General Fund. The auditor recommended the district closely monitor its expenditure amounts at a function level during the fiscal year and seek budget amendments in a timely manner from the Board of Trustees, before the final day of the fiscal year.
All CCISD financial audits are available on the district’s Financial Transparency page, located in the folder for the corresponding fiscal year.