Audit Report 23-24

Brackett ISD’s 2023–2024 Audit: A Clear Picture of Fiscal Accountability

Brackett ISD has released its Annual Financial Report for the fiscal year ending June 30, 2024. The independent audit, conducted by Coleman, Horton & Company, LLP, confirmed the district’s financial statements are accurate and in full compliance with government auditing standards.

Financial Highlights

• Net Position: The district’s overall net position stood at $10,050,693, reflecting a decrease of $1.36 million from the previous year.
• Revenues: Total revenues were $9.01 million, down $1.73 million from the previous year.
• Expenses: Operating expenses totaled $10.37 million, an increase of $368,344.
• General Fund Balance: Ended the year at $5.93 million, a decrease of $648,438.

Revenue Breakdown

Source	2023–24	2022–23	Change
Property Taxes	$5,994,109	$6,550,833	–$556,724
State Revenue	$1,134,310	$1,301,871	–$167,561
Federal Revenue	$1,170,044	$1,496,539	–$326,495
Investment Earnings	$339,248	$253,599	+$85,649
Other Revenue	$374,617*	$1,141,589*	–$766,972

*Includes charges for services and miscellaneous revenue. Last year’s extraordinary item ($695K) was not repeated.

Expense Categories (Top 5)

Category	Amount
Instruction & Instructional Services	$5.12 million
Plant Maintenance & Security	$1.42 million
General Administration	$708,889
Extracurricular Activities	$740,550
Food Services	$558,409

Budget Efficiency

• Expenditures were $237,734 under budget.
• Local and state revenues came in higher than anticipated.
• Federal revenue fell $39,302 short of projections.

Capital Assets & Debt

• Net Capital Assets: $9.62 million (after depreciation)
• Long-Term Debt: $1.02 million
  • Maintenance Tax Notes: $915,000
  • Right-to-use Leases: $105,131

Property Tax Snapshot

• Tax Rate: Decreased by 18.54 cents
• Taxable Value: Increased by over $136 million
• Tax Levy: Decreased by $537,049

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Summary

Despite rising costs and reduced revenues, Brackett ISD has demonstrated strong fiscal management. The district adjusted its budget mid-year and maintained a healthy general fund. The audit shows that Brackett ISD remains accountable, transparent, and focused on long-term financial sustainability.

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