School board members accepted an improved audit Thursday while approving a contract extension for Superintendent Jeff Northern.
The 2014-15 audit showed that the district had made solid progress in remedying past weaknesses, said Phelps Blume of the accounting firm of Myatt, Blume and Osburn.
‘This is as clean an audit as we’ve seen in a number of years,’ Blume said. ‘The progress this year sure has you on the right track.’
The audit found no material weaknesses or instances of noncompliance.
It found one deficiency and that was that some paperwork had not been filed on a timely basis with the Social Security Administration.
Some of the financial highlights of the audit were:
* The districtís total assets exceeded its liabilities by $18.086 million.
* LISD had income that was $1.264 million less than the $37.779 million spent in expenses for governmental programs.
* The General Fund ended the year with a fund balance of $7.921 million.
* Resources available for appropriation were $792,394 more than budgeted for the General Fund.
Last yearís audit found weaknesses in two areas. They have been corrected.