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Action Item
DATE: Tuesday, March 07, 2017
TO: School Board Members
FROM: Jeff Eakins, Superintendent
SUBJECT / RECOMMENDATIONS
Accept the Annual Audit of the District's Financial Statements from KPMG, LLP for the Fiscal Year Ended June 30, 2016 (Business Division)
EXECUTIVE SUMMARY
The district is required to be audited annually. For the fiscal year ended June 30, 2016, the district was audited by the firm of KPMG, LLP. The Board approved the Comprehensive Annual Financial Report (CAFR) on January 17, 2017, which included the independent auditor's report on financial statements. The balance of the process includes the Independent Auditors’ Report, Independent Accountant’s Report, Required Communications to those charged with governance, Schedule of Expenditures of Federal Awards and Reports as Required by OMB Circular A-133, and the Management Letter. There were no material weaknesses to be reported on the district’s financial reporting; however, there were two findings on internal controls over financial reporting which related to access controls associated with the reporting database and review/approval of manual journal entries. On the Single Audit, there was one finding related to the timing of returning student financial aid.  An auditor approved corrective plan has been implemented for all significant deficiencies.
STRATEGIC OBJECTIVES
• Establish a strong foundation of financial stewardship
FINANCIAL IMPACT (Budgeted:  Yes)
The cost of the audit was $304,500 which includes additional fees of $47,500 related to new Governmental Accounting Standards Board issues and additional audit work.
EVALUATION
SUBMITTED BY:  Stephanie Heaton, Manager of District Accounting
Gretchen Saunders   Dr. Alberto Vázquez
Chief Business Officer
(813) 272-4270
  Chief of Staff
(813) 272-4986
    C 6.13
Hillsborough County Public Schools (Florida) * Mtg.#20170307_826 (Board Meeting) * Section C Item# 6.13