Dallas ISD Receives Best External Audit In Years
The Dallas Independent School District received its best external audit in at least seven years, according to an external audit performed by the auditing firm of Deloitte and Touche.
For the first time since 2006, the audit reported no material weaknesses or significant deficiencies relating to the district’s financial statements.
In addition, the district added another $80 million to its financial reserves during the 2012-13 school year, moving the district’s fund balance to an all-time high of $281 million.
“This is great news for the district and great news for taxpayers,” said Mike Miles, Superintendent of Schools. “This external audit shows that we have strong systems in place to manage our finances. More than that, the increase in the district’s fund balance will be of significant interest to bond rating agencies, allowing Dallas ISD to receive more favorable ratings and ultimately lower interest rates.”
School districts in Texas are required by law to engage an external auditor to review their financial operations. This is the seventh consecutive year that Deloitte and Touche has conducted an external audit for Dallas ISD.
“Detailed external audits provide school district financial staff with a road map on how to improve,” said Miles. “This audit is no exception. While there are still areas for improvement, none of them rise to the level indicating that there are systemic issues. Our financial staff will continue to work to resolve the issues noted.”
As of June 30, 2013 the district’s fund balance stood at $281 million representing an increase of nearly $244 million during the last four years. The district’s unassigned fund balance is approximately $263 million. As a result of the increase, for the second year in a row, Dallas ISD will not need to take out a limited short-term low interest loan in order to make payroll.
“Our financial strength allowed our board to provide raises to employees for the first time in three years,” said Miles. “This latest financial news will allow us to renew discussions for possible salary increases during the next school year.”