CULLMAN, Ala. – The Cullman City Board of Education on Tuesday, June 24, announced the results of the fiscal year 2024 financial audit conducted by Aldridge, Borden & Company, P.C., which revealed no audit findings.
“The audit highlights the board’s strong financial management and responsible fiscal actions throughout the year,” the board said in a media release.
Key highlights from the audit noted:
- The board’s total net position increased by approximately $5.9 million during fiscal year 2024
- Major local tax revenues remained stable
- The general fund reported a surplus of $2.6 million
- The general fund closed the fiscal year with a fund balance of $11.3 million
“Despite challenges, the board’s liabilities and deferred inflows exceeded its assets and deferred outflows by $2.9 million, underscoring prudent financial management practices. The total cost of the Board’s programs for the year was $49.7 million, with a net cost requiring funding from city and county taxpayers amounting to $13.1 million, supported in part by the state’s Foundation Program,” said the release.
“This clean audit is a testament to our school board’s commitment to responsible spending of our taxpayers’ money. As this board has proven, they are dedicated to fiscal actions that directly benefit the students we serve,” Superintendent Kyle Kallhoff said.
The Board extended its appreciation to the Chief School Financial Officer James Brunley and all department heads for their diligent efforts in ensuring responsible financial practices.
For more information, visit www.cullmancats.net or contact kkallhoff@cullmancats.net.
