Business Services Action Item

DATE:	Tuesday, December 5, 2017
TO:	School Board Members
FROM:	Jeff Eakins, Superintendent
SUBJECT / RECOMMENDATIONS
Approve the Comprehensive Annual Financial Report (CAFR) for the Fiscal Year ended June 30, 2017 (Business Services Division)
EXECUTIVE SUMMARY
On September 12, 2017, the unaudited Superintendent’s Annual Financial Report, was submitted to the Board for approval and subsequently sent to the Florida Department of Education, as required by law.  The District is required to be audited annually.  For the fiscal year ended June 30, 2017, the District was audited by the firm of KPMG, LLP.  The CAFR is the District’s audited financial statements.  They include the Independent Auditors’ Report.  Also included in this agenda item are:  the Independent Accountant’s Report, Required Communications to those charged with governance, the Management Letter, and the Governmental Auditing Standards Report.  There were no significant deficiencies or material weaknesses to be reported on the District’s financial reporting Last year, the CAFR was submitted to the Government Financial Officers Association (GFOA) for evaluation and received the national Certificate of Achievement for Excellence in Financial Reporting (Certificate).  This was the 16th year the CAFR has received this award.  In order to achieve the Certificate:  the financial statements must be audited prior to evaluation, the data in the Superintendent’s Annual Financial Report must be expanded to include an introductory section, the auditor’s opinion letter, and a statistical section.  In addition, the financial section must be added to and configured differently, and contain audited statements of component units. The final bound version, including Board approval and the opinion letter from the auditor, will be sent to GFOA for review before the end of month deadline.
STRATEGIC OBJECTIVES
• Establish a strong foundation of financial stewardship
FINANCIAL IMPACT (Budgeted:  Yes)
The District’s Central Printing shop will provide the cover, paper, printing, and binding of this report at a cost of $195.20. The cost to submit the CAFR to GFOA is $1,095. The funds for these costs are available in the Accounting Department’s budget. The cost of the audit was $199,000 which includes additional fees of $18,000 related to new Governmental Accounting Standards Board issues and additional audit work.
EVALUATION
SUBMITTED BY:  Stephanie Heaton, Manager, Accounting Services

Gretchen Saunders		Dr. Alberto Vázquez
Chief Business Officer (813) 272-4270		Chief of Staff (813) 272-4986
		C 6.10
Hillsborough County Public Schools (Florida) * Mtg.#20171205_824 (Board Meeting) * Section C Item# 6.10