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Lake Travis provides update on district financial audit

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Lake Travis provides update on district financial audit

To address concerns raised by members of the community, Lake Travis ISD engaged Ahuja & Consultants, Inc. ("A&C"), an independent forensic accounting firm, to conduct a review of the use of 2018 Bond funds and other District expenses.

At tonight’s special called meeting, the Board of Trustees heard from A&C about this audit. The Board also waived its privilege–and therefore the confidentiality–regarding the audit report, allowing for its public release.

Here are the key findings:

  1. There was no illegal or fraudulent use of 2018 Bond funds.
  2. No teacher or police officer salaries were paid with 2018 Bond funds.
  3. A thorough review of Board of Trustees, Business Office, Human Resources, and Superintendent’s Office expenditures showed no signs of fraud.
  4. Expenses were properly supported and aligned with both District policies and the Board-approved budget.

The auditors did find minor documentation and procedural gaps. These did not suggest any fraudulent activity and are being addressed by the Interim Superintendent and his administrative team.

After rigorous evaluation and questions for the auditors, the Board accepts these reports as both thorough and transparent in answering the concerns presented to us. We appreciate A&C for its diligent and professional work.

For those who would like more information, we have attached the full audit reports to this communication and will also post them on the District’s website. Additionally, the District’s finances are audited annually by a different independent accounting firm and can be reviewed on our Financial Transparency webpage.