QISD audit says books ‘clean, no deficiencies’

The Quinlan Independent School District School Board received a complimentary report on last fiscal year’s books Monday night at its regular monthly meeting that was dominated by financial topics.

The board also approved the sale of revenue bonds to refinance an old bond issue that is expected to save the district over a million dollars during the course of its repayment. Hunt County Appraisal District Chief Appraiser Brent South spoke to the board for a second consecutive meeting about plans to purchase and remodel a larger building. See related story.

Auditor Mike Taylor with Rutherford, Taylor and Company, PC, of Greenville gave a complimentary audit report of last fiscal year’s books.

Taylor reported the audit resulted in a “clean opinion” and found no deficiencies in internal control. He was complimentary of the books and of Business Office Manager Billie Miller.

The financial review listed financial highlights that showed the district’s total combined net assets were $22,158,782 at June 30. Taylor said that figure did not represent cash but all the assets including buildings, property and more.

The district’s expenses were $858,957 less than the $29,048,489 generated in taxes and other revenues for governmental activities.

The total cost of the district’s programs increased 4.47 percent from the prior year amounts.

The general fund reported a fund balance this year of $9,405,541.

The district issued refunding debt during the current year to provide for reduced interest over the life of the debt.

“You’ve got a good set of records. You’ve got good people,” Taylor ended his report.

“We’re proud of that, too,” Stone said.

“Good job, Billie (Miller),” said Supt. Dr. Debra Crosby.

The board voted unanimously to approve the audit.

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