Action Item
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Business
Action Item |
| DATE: | Tuesday, September 8, 2015 |
| TO: | School Board Members |
| FROM: | Jeff Eakins, Superintendent |
| SUBJECT / RECOMMENDATIONS | |
| Approve the Report of Financial Data (ESE 348) to the Commissioner of Education for Fiscal Year Ended June 30, 2015 (Business Division) | |
| EXECUTIVE SUMMARY | |
| The unaudited financial report is required by law to be submitted to the Department of Education by September 11, 2015. However, a new accounting standard, GASB Statement No. 68, Accounting and Financial Reporting for Pensions, became effective on July 1, 2014. This new standard requires school districts to report Florida Retirement System information on their 2014/15 Annual Financial Reports. Because the Florida Division of Retirement has not yet made this information available, and the anticipated release date (first week of September) does not provide sufficient time to incorporate the information into financial statements by the legal deadline for submission, the Florida Department of Education has established an extension for sections of the annual financial report.
The sections affected by the extension are the ESE 145, index pages for both the ESE 348 and ESE145, and a total balance for Net Pension Liability reported in the Schedule of Long-Term Liabilities within Form 348. Those sections will be brought for board approval pending receipt of information from FRS and completion by district staff. At the conclusion of the audit, the Comprehensive Annual Financial Report (CAFR), which contains supplemental statistics and introductory information will be compiled and presented to the School Board. Pending approval, the CAFR will be forwarded to the review panel of the respective professional association. |
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| STRATEGIC OBJECTIVES | |
| • Align financial resources to support the district's strategic goals • Demonstrate best financial practices | |
| FINANCIAL IMPACT (Budgeted: No) | |
| No expenses associated with this agenda item because it is submitted digitally. | |
| EVALUATION | |
| SUBMITTED BY: | |
| Stephanie Heaton | Gretchen Saunders | |
| Manager of District Auditing (813) 272-4292 |
Chief Business Officer (813) 272-4270 |
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| A 6.13 | ||
| Hillsborough County Public Schools (Florida) * Mtg.#20150908_700 (Board Meeting followed by Public Hearing) * Section A Item# 6.13 | ||