Each public school district in Texas is required to have an independent third party financial audit annually. These audit reports contain several pages, but the most important information is shown on two pages. The C-2 Statement of Revenues, Expenditures, and Changes to Fund Balance shows the general financial position of the district. The other primary page is Schedule of Findings and Questioned Costs. The objective is to achieve an "Unmodified" report with "no findings."
The financial audits are normally received, and accepted, by the Board in January each year for the preceding Fiscal Year (FY), and the report is open to the public.