The Pittsburg Independent School District Board of Trustees met for their regular November meeting Tuesday night. The annual audit report for the fiscal year ending August 31, 2013 was the primary topic of discussion in the brief meeting.
Arnold, Walker, Arnold and Company was the firm who acted as independent auditor for the school district.
The firm reported that the total net assets of the district are $27.65 million. Over the past year, the district’s total revenues exceeded expenses by $708,000.
The auditors reported that expenses were slightly up from 2012, but by less than half of one percent. Total revenues were down $353,000. The drop was attributed to a significant decrease in state (down $239,000) and grant (down $258,000) revenue. Tax income was higher than last year due to rising property valuations, making up for deficits in state and grant revenues.