Accept the Annual Audit of the District's Financial Statements and Operations for the Fiscal Year Ended June 30, 2006 (Business Division)

The School District is required to be audited annually either by the State of Florida Office of the Auditor General or by a private sector Certified Public Accountant firm. For the fiscal year ended June 30, 2006, the District was audited by the firm of KPMG. The Board approved the Comprehensive Annual Financial Report (CAFR) on December 12, 2006, which included the independent auditor's report on the financial statements. The balance of the audit process includes the management letter, the auditor's report on compliance and internal controls, and the auditor's report on compliance and internal controls of federal awards. The reports from KPMG include recommendations to improve our District's present financial processes, internal controls, and reporting requirements. Additionally, the report from KPMG stated that the District did not violate any laws, rules, regulations, contracts and grant agreements or abuse, improper expenditures or other deficiencies in internal control.

Best Financial Practices

The cost of the audit was $248,000.