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Krum school district's reserves boosted by $455K

Profile image for By Britney Tabor / Staff Writer
By Britney Tabor / Staff Writer

More than $455,000 in reserves was added to the Krum school district’s general fund balance in the 2012-13 fiscal year, a recent audit revealed.

“To be honest, I think everybody was real satisfied,” Superintendent Cody Carroll said. “We were able to do some significant improvements, and in the end we were able to put back $455,000 in the fund balance.”

The district completed the fiscal year June 30 with a fund balance of nearly $8.3 million, the audit showed.

During the 2012-13 school year, the district spent more than $700,000 from its general fund to support a band hall addition at Krum High School, a new agriculture facility, two pickups, initial construction costs for tennis courts and the relocation of Bobcat Boulevard, according to the audit report.

Expenditures for the general fund during the fiscal year totaled more than $16.5 million, according to the report.

Carroll attributed the district’s increase in general fund reserves to an addition of more than 100 students in 2012-13 — resulting in additional revenue — combined with a “conscientious effort” on how the district spent the money it received.

The district completed the 2012-13 fiscal year with more than $3.68 million in reserves for its debt service fund, an increase of nearly $42,000 compared with the previous year. Funds from the district’s debt service fund are used to pay debt obligations for capital projects.

Carroll said the district finished the year right at 100 percent in tax collections. The collections being above the district’s bond payment for the year resulted in the bump in debt service reserves, he said.

The district’s child nutrition fund saw a reduction of more than $1,000 in reserves and finished the year with $588 in savings, according to the audit report.

Carroll attributed the decline to the increase in student growth being more than what the district had anticipated.

The district’s audit was prepared by the independent Denton firm Hankins, Eastup, Deaton, Tonn & Seay. The report issued the Krum school district an unqualified opinion, signifying significantly sound finances, and identified no findings, no significant deficiencies in internal controls and no areas of noncompliance.

School board President Phil Enis was contacted but could not be reached for comment.

Overall, Carroll said, he was pleased with the finance audit.

BRITNEY TABOR can be reached at 940-566-6876 and via Twitter at @BritneyTabor.