Hillsborough County Public Schools Business
Action Item

DATE: Thursday, April 1, 2010
TO: School Board Members
FROM: MaryEllen Elia, Superintendent

SUBJECT / RECOMMENDATIONS

Accept the Annual Audit of the District’s Financial Statements from KPMG for the Fiscal Year Ended June 30, 2009 (Business Office)

EXECUTIVE SUMMARY

The district is required to be audited annually. For the fiscal year ended June 30, 2009, the district was audited by the firm of KPMG. The Board approved the Comprehensive Annual Financial Report (CAFR) on December 8, 2009, which included the independent auditor’s report on financial statements. The balance of the process includes the management letter, auditor’s report on compliance and internal controls, and the auditor’s report as required by OMB Circular A-133, which is the Audit of Federal Awards. There were no significant deficiencies or material weaknesses to be reported on the district’s financial reporting.

Also included is the communication to those charged with governance, as required under Auditing Standard 114.

ANNUAL DISTRICT GOAL(S) AND CRITICAL SUCCESS FACTOR(S)

* Demonstrate best financial practices

FINANCIAL IMPACT (Budgeted: Yes)

The cost of the audit was $296,000.

EVALUATION

SUBMITTED BY:

Ed Nicholson
Manager of District Accounting
(813) 272-4292
Gretchen Saunders
Chief Financial Officer
(813) 272-4270
A 5.10
Hillsborough County Public Schools (Florida) * Mtg.#20100401_414 * Section A Item# 5.10