The Carroll ISD School Board held a special meeting Tuesday and approved a final budget amendment to the State revenues for the 2012-2013 budget. The adjustment aligns the budget with the Texas Education Agency-required presentation for State revenues. Carroll ISD learned that approximately $2,455,701 of state revenue earned and budgeted by the district in the 2012-2013 fiscal year will not be received or recognized until the 2013-2014 fiscal year. The state will settle up with Carroll ISD in the future, which required Trustees to consider an amendment to the approved 2012-2013 budget. The amendment passed 5-0.
The Carroll ISD Board also took action to review and approve the 2012-2013 audited financial statements. Haynes and Associates, PC, the district’s independent auditor, presented the financial statements and provided a clean, unqualified auditor opinion as part of their report. The School Board reviewed the audit report results and recognized the district’s inability to reflect the full revenues earned in the 2012-2013 fiscal year as part of the financial statements for the same period.
If Carroll ISD had received the additional state revenue it was owed for 2012-2013, the district’s fund balance would have increased by $1,552,824. Instead, CISD will use $902,877 from the General Fund fund balance, reflecting an ending fund balance of $34,312,784 as of August 31, 2013. TEA will settle up with Carroll ISD in the 2013-2014 fiscal school year.
The School Board approved the audit 5-0 before the meeting adjourned in the Carroll ISD Administration Center’s Kimball Room.