Spring Branch ISD Featured News

Spring Branch Independent School District (SBISD) has completed its fiscal year 2024 audit, receiving a clean report from its independent auditor, Whitley Penn.

This annual audit is part of the district's regular financial oversight to ensure transparency and accountability. The audit shows that SBISD continues to manage its finances well, with no issues found. The results were shared at the Board of Trustees' meeting on November 18, 2024.

Key audit findings:

• Clean Opinion: SBISD’s financial statements were reviewed and found to be accurate and in line with national accounting standards.
• Strong Internal Controls: No weaknesses were found in how the district manages its finances.
• Federal Funding: The district’s $59.5 million in federal funds, including programs like ESSER and Title I, were audited with no issues.
• Solid Financial Health: SBISD generated $356.8 million in revenue, with 81% coming from property taxes. It spent $372.8 million, with 61% going to instruction and student services.
• Healthy Fund Balance: SBISD has a $69.1 million fund balance, enough to cover 68 days of expenses, which is within recommended financial guidelines.

The audit also emphasized the importance of maintaining a strong fund balance, which acts as working capital to cover expenses until tax revenue arrives. This helps the district avoid borrowing costs and supports its credit rating.

Looking ahead:

The audit included recommendations for the district to keep monitoring recapture payments, carefully manage the fund balance, and submit federal audit information on time. With strong financial practices in place, SBISD is well-positioned for continued stability in the coming year.