HCPS FL Logo Business
Action Item
DATE: Tuesday, June 14, 2011
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, 2010 (Business Division)
EXECUTIVE SUMMARY
The district is required to be audited annually.  For the fiscal year ended June 30, 2010, the district was audited by the firm of KPMG, LLP.  The Board approved the Comprehensive Annual Financial Report (CAFR) on December 7, 2010, 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 OMG 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.

STRATEGIC OBJECTIVES
• Demonstrate best financial practices
FINANCIAL IMPACT (Budgeted:  Yes)
The cost of the audit was $292,875.
EVALUATION
SUBMITTED BY: 
Ed Nicholson   Gretchen Saunders
Manager of District Accounting
(813) 272-4292
  Chief Business Officer
(813) 272-4270
    A 5.22
Hillsborough County Public Schools (Florida) * Mtg.#20110614_461 (Board Meeting) * Section A Item# 5.22