Hillsborough County Public Schools Business
Action Item

DATE: Tuesday, December 9, 2008
TO: School Board Members
FROM: MaryEllen Elia, Superintendent

SUBJECT / RECOMMENDATIONS

Approve the Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2008 (Business Division)

EXECUTIVE SUMMARY

On September 4, 2008, 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, 2008, were submitted to the Board for approval and subsequently sent to the Florida Department of Education, as required by law. The Comprehensive Annual Financial Report (CAFR) submitted here is the District's audited statements. Click to view the CAFR

Last year the CAFR was submitted to the Government Finance Officers Association (GFOA) for evaluation and received their national Certificate of Achievement for Excellence in Financial Reporting (Certificate). This was the seventh 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 opinion letter, and a statistical section. Also, the financial section must be added and configured differently. The CAFR must contain audited statements of component units.

The final bound version, including Board approval and the opinion letter from the auditor, will be sent to GFOA for the review before the end of month deadline.

ANNUAL DISTRICT GOAL(S) AND CRITICAL SUCCESS FACTOR(S)

FINANCIAL IMPACT (Budgeted: Yes)

The District's Central Printing shop provides the covers, paper, printing, and binding of this report at a cost of $650. 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.

EVALUATION

SUBMITTED BY:

Ed Nicholson
Manager of District Accounting
(813) 272-4292
Gretchen Saunders
Chief Business Officer
(813) 272-4270
A 5.04
Hillsborough County Public Schools (Florida) * Mtg.#20081209_314 * Section A Item# 5.04