Cove ISD receives clean financial audit, deemed financially sound
Special to the Leader-Press
In a time of budget cuts and major reductions in Impact Aid to school districts across the country, Copperas Cove ISD’s Annual Financial Report for the period ending August 31, 2019 and the findings indicate a solid financial operation.
As mandated by the state, the District’s Annual Financial Report must be approved by the Board of Trustees and submitted to the Texas Education Agency by January 31, 2018, said CCISD Chief Financial Officer June Crawford. The report was approved at the December school board meeting.
“Copperas Cove ISD has received an unmodified audit opinion from the District’s external auditors for the fiscal year ending August 31, 2019. The unmodified opinion is the highest designation an organization can receive on its financial statements and internal controls,” Crawford said. “Copperas Cove ISD is very diligent in safeguarding financial resources in order to provide the best educational experience for all students.”
CCISD Superintendent Joe Burns said the audit reflects the exceptional job CCISD’s business department, Board of Trustees and employees do in making sure local tax payer dollars, state funds and federal dollars are not only judiciously spent, but very well managed.
“This prestigious honor becomes more challenging each year as operational funds continue to shrink and investment opportunities become more limited,” Burns said. “I want to once again recognize the outstanding efforts of the staff who serve in the CCISD Business Office, the oversight of the school board and our employees who continually demonstrate a willingness to stretch every dollar as far as possible to make sure our students have the best opportunities to succeed.”
CCISD also passed the Texas Education Agency’s financial accountability standards back in July receiving the state’s highest rating and demonstrating the quality of the District’s financial management and reporting system. This is the sixteenth year for the district to receive the highest possible rating.
The Financial Integrity Rating System of Texas ratings are based on 20 established financial indicators including operating expenditures for instruction, tax collection rates, student-teacher ratios, and long-term debt. More than 1,200 school districts and charter schools are rated. Prior to 2017, schools received one of four ratings, Superior, Above Standard, Standard, or Substandard, based on annual financial reports provided. In 2017, the rating was changed from
Passed to Substandard Achievement. Districts can also receive Suspended Data Quality or Undetermined if they fail to turn in annual reports by the deadline.
Although only five months have passed in this fiscal year, the District has already begun the formal budget process for Fiscal Year 2021. The official Fiscal Year 2021 General Operating, Debt Service and Food Service budgets will be adopted by the Board of Trustees in August 2020.
To review the 2019-2020 CCISD budget, visit www.ccisd.com.