Audit partner Celina Cereceres presented the audit findings to the board of trustees at the Jan. 20 regular meeting.
According to the presentation, KISD had a total net position of $55.5 million as of Aug. 31.
Last year, the district had a total net position of -$7.3 million due to new accounting rules related to reporting post-employment benefits other than pensions, known as OPEB, such as retiree health care.
KISD general fund’s ending balance was $258.1 million. The district had budgeted for the fund's ending balance to be $249.4 million, but it received additional revenue and fewer expenditures than projected for the 2018-19 year.
Additionally, KISD Chief Financial Officer Christopher J. Smith said the district has begun planning for the 2020-21 budget.
He said the budget will be made assuming below-average taxable value growth and average enrollment growth.
And because of House Bill 3—the school finance reform bill passed during the 86th Texas legislative session—KISD will have to lower its property tax rate.
Smith said he estimates the property tax rate could decrease about $0.014 for fiscal year 2020-21.
KISD’s total property tax rate for FY 2019-20 is $1.4431 per $100 in valuation. For FY 2018-19, the rate was $1.5166 per $100 in valuation.
