Board Agenda - November 07, 2006

VIII. Approval of Required Annual Financial Reports for Period ended June 30, 2006

Presenter: Richard Matkin

Purpose: A - Request decision - closure required

Time: 10 minutes

Description:

The annual audit report required by the State is prepared by the District's Financial Services Department in conjunction with our independent audit firm, Deloitte and Touche. The following reports are included as part of the annual audit process:

1. Comprehensive Annual Financial Report(CAFR) for the fiscal year ended June 30, 2006.
2. Management Letter with District's responses for the fiscal year ended June 30, 2006.

As in previous years, Deloitte & Touche reviewed all reports listed above with the Board's Audit Committee, which includes the Board President and two Board Members along with the Superintendent, Deputy Superintendent, Assoc. Superintendent Business Services and Financial Services staff. Deloitte & Touche reported the general purpose financial statements were presented fairly and in conformity with generally accepted accounting principles. Highlights of the Audit Report are attached.

Copies of the Report are available for public review in the Financial Services Department.

Recommendation:

The Board Audit Committee recommends approval of the required Annual Financial Reports for the fiscal year ended June 30, 2006.

Business Impact:

Audit cost budgeted in the Operating Budget.

Summary:

Appendix:

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