HCPS FL Logo Business
Action Item
DATE: Tuesday, December 7, 2010
TO: School Board Members
FROM: MaryEllen Elia, Superintendent
SUBJECT / RECOMMENDATIONS
Approve the Comprehensive Annual Financial Report (CAFR) for the Fiscal Year Ended June 30, 2010 (Business Division)
EXECUTIVE SUMMARY
On September 7, 2010, the unaudited Report of Financial Data to the Commissioner of Education (ESE348) and the Superintendent's Annual Financial Report (ESE145) for the fiscal year, which ended June 30, 2010, were submitted to the Board for approval and subsequently sent to the Florida Department of education, as required by law.  The CAFR submitted here is the District's audited statements. 

Last year, the CAFR was submitted to the Government Financial Officers Association (FGOA) for evaluation and received their national Certificate of Achievement for Excellence in Financial Reporting (Certificate).  This was the ninth year the CAFR has received this award.  In order to achieve the Certificate, the financial statements must be audited prior to evaluation.  In addition, the data in the ESE348 and ESE145 must be expended to include an introductory section, the auditor's opinion letter, and a statistical section.  In addition, the financial section must be added and configured differently.  The CAFR must 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.

CAFR is attached.

STRATEGIC OBJECTIVES
• Align financial resources to support the district’s strategic goals • Demonstrate best financial practices
FINANCIAL IMPACT (Budgeted:  Yes)
The District's Central Printing shop provides the covers, paper, printing, and binding of this report at a cost of $610.  Historically, we incur approximately $80 in postal costs to mail the CAFR to the appropriate financial institutions.  The cost to submit the CAFR to GFOA for the Certificate is $1,095.  The funds for these costs are available in the Accounting Department's budget.
EVALUATION
SUBMITTED BY: 
Ed Nicholson   Gretchen Saunders
Manager of District Accounting
(813) 272-4292
  Chief Business Officer
(813) 272-4270
    A 5.03
Hillsborough County Public Schools (Florida) * Mtg.#20101207_432 (Board Meeting) * Section A Item# 5.03