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LEISD bolsters fiscal reserves, receives positive audit
By DEVIN MONK, Staff writer
Saving for a rainy day isn’t such a bad thing during the financial downpour of late, and Little Elm ISD is ensuring it has some money in the bank to assuage any potential hits to the pocketbook.
Auditor Jerry Eastup of Hankins, Eastup, Deaton, Tonn & Seay presented his firm’s findings for its 2007-2008 fiscal year audit at the LEISD board of trustees’ regular meeting Monday night that showed a clean bill of financial health.
The district reported reserves of $15 million in its general fund, $1.3 million in its debt service fund, and about $11 million in its construction fund, primarily to cover ongoing construction projects, such as the new wing at Little Elm High School.
“It is a positive increase to your fund balance, which in today’s climate is very good,” Eastup noted.
One number that caught several board members’ attention was a $2.91 million change in the district’s capital asset depreciation costs.
Bill Moeller, LEISD assistant superintendent for business services, said such a change is much more noticeable in a district with fewer campuses than it would be in one with 50 or more facilities. Opening a new elementary school in Oak Point in August 2008 and serving 5.5 percent more students (5,394 total) at the end of the 2007-08 school year were contributing factors.
“When you open a new school or a major facility you are going to have depreciated costs that are going to cause capital assets to change,” Moeller said Tuesday. “We are a relatively small district with 10 campuses, so when you add one (facility) you are making an impact on this figure. This is typical of small districts that are in a fast-growth mode. We have to build the schools if we want to have adequate facilities for our students.”
Overall, Moeller said he was pleased with the audit.
“Anytime you end up with positive numbers in your reserves, and anytime your auditors report your internal controls are in good shape and your record keeping is in good shape, that’s a good audit,” he said.
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