MCISD in good financial standing

Posted 12/24/19

The Madisonville Consolidated Independent School District (MCISD) showcased strong financial accountability as a result of an independent audit, the highlights of which were presented during the monthly board meeting on Dec. 9.

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MCISD in good financial standing

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The Madisonville Consolidated Independent School District (MCISD) showcased strong financial accountability as a result of an independent audit, the highlights of which were presented during the monthly board meeting on Dec. 9.

“We hade the highest academic rating and the highest financial rating attainable,” said MCISD Superintendent Keith Smith. “There have been years in the past when the state has not funded at the level they have this year and things were tight, but we are at a comfortable level.”

MCISD received a total of $26,525,539 in total government funds according to a statement of revenues, expenditures and changes in fund balance for the year from Sept. 1 to Aug. 31. Their largest expenditures during this time included instruction, which is everything that goes into a classroom (educator salary, instructional supplies, instructional travel, instructional technology, training, in service schedules and new curriculums). The total used for instruction was $11,153,627.

The second highest expenditure was facilities, maintenance and operations ($2,802,204). This includes anything spent to upkeep the district’s buildings and facilities, maintenance and custodial salaries, contacted services, utility bills, natural gas bill, electricity bills and new HVAC units. The district replaces about 10-20 HVAC units per year.

“Fund balance is your primary indicator of financial wealth within a government entity,” said Robert Belt of Belt Harris Pechachek LLP during the Dec. 9 meeting. “Most financial rating agencies will advise you to have about 60 to 90 days of your operating expenditures on hand, and you are well above that amount and in very good shape from a fund balance perspective.”

The district began the year with a fund balance of $5.8 million and ended it at over $6.9 million.

“The state recommends that we keep three to four months of operating expenses,” Smith said. “In case they incur an issue, we can continue to fund ourselves out of fund balance.”

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