This week, Brownwood Independent School District received the results of their annual audit at the Monday night school board meeting. Presenting the audit results was Bob Womack of Davis Kinard and Co., PC. This audit was for the school calendar year ending August 2009.
The high points of the audit, as described by Womack, were that the audit showed BISD “free of Material Misstatements” and that the financial reports overall were good. Net assets remained relatively unchanged. Capital improvement projects balanced out the decreases in the cash or liquid assets category of the district.
He also stated that the report showed “…no weaknesses or deficiencies in compliance for grants” which were used in the capital improvement projects. Liabilities were down, capital assets (due to capital improvements) were up and Program revenues (or tax revenues) were up.
