Board Agenda - November 06, 2007

VII. Approval of Required Annual Financial Reports for Period Ended June 30, 2007

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, Weaver and Tidwell. The Comprehensive Annual Financial Review (CAFR), for the fiscal year ended June 30, 2007, is the report resulting from the annual financial audit process. Weaver and Tidwell reviewed the CAFR 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. Weaver and Tidwell reported that 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, 2007.

Business Impact:

Audit cost budgeted in the Operating Budget.

Summary:

Appendix:

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