|DATE:||Tuesday, September 6, 2016|
|TO:||School Board Members|
|FROM:||Jeff Eakins, Superintendent|
|SUBJECT / RECOMMENDATIONS|
|Approve School Activity Fund Indebtedness for Fiscal Year End June 30, 2016, to be Carried Over into the Upcoming School Year (District Auditing Office)|
|The Department of Education’s Financial and Program Cost Reporting for Florida Schools (The Red Book) Policy 7-11.7 requires that fiscal year end indebtedness be approved by the School Board.
As of June 30, 2016, the schools reported indebtedness to vendors in the amount of $4,659, detailed on the attached listing. This indebtedness arises primarily due to the timing of vendor invoicing and the cessation of normal bookkeeping activity during the summer months. As part of standard audit procedures, the District Auditing Office will verify that all indebtedness carried over into the new fiscal year is paid in a prompt manner and in accordance with School Board policies. Conversely, all indebtedness reported last year has been paid and was reviewed for compliance with School Board policies.
|• Establish a strong foundation of financial stewardship|
|FINANCIAL IMPACT (Budgeted: Yes)|
|This report was prepared as part of the District’s Board-approved Annual Audit plan and is budgeted as part of the District Auditing Office’s General Fund budget.|
|SUBMITTED BY: Manuel Ippolito, Auditing Department Manager|
|Gretchen Saunders||Dr. Alberto Vázquez|
|Chief Business Officer
|Chief of Staff
|Hillsborough County Public Schools (Florida) * Mtg.#20160906_777 (Board Meeting followed by Public Hearing) * Section C Item# 6.04|