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Treasurer reports clean audit with minor recommendations; tax timing and delinquencies affect forecast
Summary
Treasurer Greg reported the state audit concluded with a clean opinion and three recommendations (two related to the online lunch/point-of-sale platform and one to fundraiser approvals); tax advance timing from the county reduced February receipts and contributed to a projected but smaller‑than‑budgeted deficit.
Treasurer Greg (last name not specified) told the board Wednesday that the state audit for the district concluded with a clean opinion and three recommendations, two tied to the district’s point‑of‑sale vendor (PaySchools) and one noting a fundraiser was held before building approval was on file.
He said the audit team recommended improved cybersecurity controls — including a SOC 1 report and two‑factor authentication where vendors can provide it — and that the vendor is working on solutions that affect many districts.
On cash flow, Greg said county tax advances arrived later than in a typical year and that the district’s forecast is slightly worse than planned for February. He reported $6.1 million in tax revenue and $357,000 in state revenue for the month, with total revenues for February of roughly $6.7 million. Greg said a forecasting shortfall of a few hundred thousand dollars is under review and that delinquencies are ticking upward across Cuyahoga County.
Budget outlook: Greg said the district currently projects a year‑end deficit smaller than previously forecast — about $785,000 compared with a forecasted $1,000,000 — but cautioned that timing of tax receipts and state budget uncertainty complicate multi‑year forecasting.
Other finance items: The treasurer previewed work to re‑bid the independent audit contract and said next year the district expects to engage an independent public accountant through the state's RFP process for a multi‑year engagement.
Ending: Greg recommended continued prudent monitoring of revenue timing, vendor controls for point‑of‑sale systems and follow‑up on delinquencies with the county.
