Audit finds Memphis-Shelby County Schools on solid financial ground
When Toni Williams took over as chief financial officer (CFO) for Memphis-Shelby County Schools (MSCS) in 2019, the district faced a $58 million deficit and had insignificant savings.Williams worked to change that while overseeing district finances as CFO and eventually interim superintendent. Tuesday night’s school board meeting brought more evidence the district is on a more solid financial ground.The district’s independent auditor Watkins Uiberall announced it anticipates the 2022/2023 district audit will have no findings indicating financial weaknesses or issues of non-compliance on financial statements. That marks the fourth year in a row with no significant financial audit findings.“In a district this size with a budget of over $2 billion dollars it just doesn’t happen that you don’t have any audit findings,” said Chief Financial Officer Tito Langston. “The district is in extreme financial health at this moment, and we have been for a while.”Langston told board members that district revenues exceeded expenditures in the 2022/2023 school year by $75 million. This enabled Memphis-Shelby County Schools to add $59 million of its surplus to the general fund.The audit news comes as Williams’ administration is working on plans to move the district forward when federal Elementary and Secondary School Emergency Relief Funds (ESSER) funds dry up next September.The district has received a total of $776 million in ESSER funds. This money has helped support infrastructure needs along with providing advanced placement and vocational courses.Williams told board members the improved financial health of the district is an important achievement that will provide a strong foundation when new superintendent Dr. Marie Feagins takes over after the close of this school year.“Without great financial management and resources, academic achievement will always be limited,” said Williams. “Before I transition, this $2 billion district to be proud to say that the financial management over the last four years has been strong, I’ve left it with a healthy find balance, along with a great relationship with auditors that are independent.”
