Business Services Action Item

DATE:	Tuesday, January 14, 2020
TO:	School Board Members
FROM:	Jeff Eakins, Superintendent
SUBJECT / RECOMMENDATIONS
Accept the Annual Audit of the District's Financial Statements for the Fiscal Year ended June 30, 2019 (Business Services Division)
EXECUTIVE SUMMARY
School districts are required to have annual financial audits.  Our audited financial statements were board approved on December 10, 2019.  In addition, districts are also required to have an annual audit of federal awards as a result of the Federal Single Audit Act.  The Single Audit is a financial statement and federal awards’ audit of entities that spend $750,000 or more in federal funds per year.  The intent of the audit is to provide assurance to the Federal Government that adequate internal controls are in place, and the district is in compliance with program requirements.  For the Fiscal Year of 2018/2019, the Single Audit was performed by the firm of KPMG. The balance of the annual audit includes the auditor’s report on internal controls and compliance, auditors report on compliance required by Uniform Guidance, management letter, communication to those charged with governance, and Independent Accountants Report.
STRATEGIC OBJECTIVES
• Establish a strong foundation of financial stewardship
FINANCIAL IMPACT (Budgeted:  Yes)
The cost of the audit was $76,000.
EVALUATION
SUBMITTED BY:  Stephanie Heaton, Manager, District Accounting

Stephanie Heaton		Gretchen Saunders
Manager, District Accounting (813) 272-4292		Chief Business Officer (813) 272-4270
		C 6.05
Hillsborough County Public Schools (Florida) * Mtg.#20200114_977 (Board Meeting) * Section C Item# 6.05