Grapevine-Colleyville ISD received a top rating for its 2024-25 annual comprehensive financial report at its Jan. 22 meeting.
John Manning, an auditor with Patillo, Brown & Hill, said the district received an unmodified opinion. This clean opinion is the most favorable rating an audit can receive, signifying no undue findings, according to the American Institute of Certified Public Accountants. GCISD trustees approved the results of the audit at the meeting.
The details
The Texas Education Agency requires all school districts to undergo an independent audit at the end of each fiscal year. According to the financial report, GCISD spent about $193 million while generating $191 million in revenue, resulting in a $1.8 million deficit.
“Our financial situation has been very strategic in our efforts, and this is the lowest deficit we’ve had,” GCISD board President Shannon Braun said.
Diving deeper
The district’s revenue sources are composed of local and intermediate sources, state programs and federal programs. Local revenue sources include property taxes, interest income, pre-K tuition and other locally funded projects. Intermediate revenue comes from other government entities including the cities of Colleyville and Grapevine.
Major expenditures included:
- $90 million for instruction and related services, or 46.6% of total spending
- $19 million for maintenance and security services, or 9.9% of total spending
- $12 million for instructional and school leadership, or 6.4% of total spending
- $11 million for student support services, or 5.9% of total spending
The remaining 31.2% was spent on other services, including data processing, community services, debt and intergovernmental costs.
The district generated more revenue in the debt service fund than originally anticipated during the annual budget planning process. The excess $4.4 million was placed into the debt service fund balance, bringing the total up to $71.8 million. The debt service fund, which is used to pay off outstanding bonds, was most recently used in August to make bond payments of $35.1 million.
