Approve the Comprehensive Annual Financial Report for the Fiscal year Ended June 30, 2005 (Business Division)

On September 6, 2005, the unaudited Report of Financial Data to the Commissioner of Education (ESE348) and the Superintendent's Annual Financial Report (ESE145) for the fiscal year ended June 30, 2005, were submitted to the Board for approval as required by law. These reports were submitted to the Department of Education. Last year the Comprehensive Annual Financial Report (CAFR) was submitted to the Governmental Finance Officers Association (GFOA) for evaluation and received their national Certificate of Achievement for Excellence in Financial Reporting (Certificate). This was the fourth 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 expanded to include an introductory section, the auditor's statement and a statistical section, and the financial section must be added to and configured differently. The CAFR must also contain audited statements of component units. The final bound version, including Board approval and the letter from the auditor will be sent to GFOA for the review before the end of month deadline.

The District's Central Printing Shop provides the covers, paper, printing, and binding of this report at a cost of $950. Historically, we incur approximately $60 in postal costs to mail the CAFR to the appropriate financial institutions. The cost to submit the CAFR to GFOA for the Certificate is $1,045. The funds for these costs are available in the Accounting Department's Budget.