Accept the Annual Audit of the District's Financial Statements and Operations for the Fiscal Year Ended June 30, 2005, and Approve an Extension of One Year to the Current Audit Contract with KPMG (Business Office)

The School District is required to be audited annually by the Florida Office of the Auditor General or by a private sector CPA firm. For the year ended June 30, 2005, the District was audited by the firm of KPMG. The Board approved the Comprehensive Annual Financial Report (CAFR) on December 13, 2005, which included the independent auditors report on financial statements. The balance of the process includes the management letter, auditors report on compliance and internal controls, and the schedule of findings and federal awards. The management letter includes recommendations to improve the District's present financial management, accounting procedures, and internal controls, and the District's response to those findings.

In addition, we need to extend the current audit contract for one year to provide for required audit of financial statements. We are in the process of bidding future audit services.

Best Financial Practices.

The cost of the audit was $155,000.