Accept the Annual Audit of the District’s Financial Statements from KPMG for the Fiscal Year Ended June 30, 2008 (Business Office)

The School District is required to be audited annually. For the fiscal year ended June 30, 2008, the District was audited by the firm of KPMG. The Board approved the Comprehensive Annual Financial Report (CAFR) on December 9, 2008, which included the independent auditors report on financial statements. The balance of the process includes the management letter, auditors report on compliance and internal controls. In the auditors report on compliance and internal controls, there were no significant deficiencies or material weaknesses to be reported on the District’s financial reporting. There were no other findings or recommendations reported in The Management Letter to improve the District’s present financial management.

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

* Demonstrate best financial practices

The cost of the audit was $187,500.