The Sherman Independent School District got a clean bill of health this week when it received its financial audit for the 2018-2019 fiscal year. This year's report was unmodified and had no findings or compliance issues.
“I think you will be pleased with the results, and the audit went very well,” accountant Dan Tonn said Monday.
The report found that the district saw $82.1 million in general revenues, with a general fund balance of $24.23 million. Overall, the district saw a slight increase in its taxable base, increasing from $3.08 billion to $3.25 billion for the fiscal year.
The district's unassigned fund balance of $23.68 million represents 36 percent of the district's expenses and about four months of expenses for the district. Tonn described this as a sign of healthy cash flow on the part of the district.
The district's debt service fund ended the year with $12.53 million. This is a slight increase over the previous year despite the district paying off $745,000 in bond debt before term this year.
The district's capital project fund, which represents unspent bond funding, went down by $31.6 million this year, but Tonn said this was to be expected given the growth and construction ongoing at the new Sherman High School.
In looking at the full government net position, Tonn said the district saw a loss of about $1.3 million, but this is common since districts are now required to include their portion of pension and retirement expenses. Overall, Tonn did not expect that this would have an impact on the district.