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Finance director outlines audit timeline; warns large state-aid adjustment affects year-end results
Summary
Pam presented the district’s audit timeline and explained major audit tasks for July–November, noting last year’s state aid receivable adjustment of $4.5 million and that benefits reporting and federal closeout work are ongoing.
Pam, presenting the finance report, told the board the district is in a busy audit-preparation cycle and explained the timeline auditors use to verify the district’s year-end financials.
Pam said July and August are used for preliminary audit work — compiling trial balances, payroll reports, bank confirmations, reconciliations, board policies and minutes, UFARS coding checks for special education (CDRA), transportation reports due Aug. 15 and federal-closeout items tied to the Sept. 30 federal fiscal year end. She said auditors conduct phase 1 field work in September and phase 2 on-site work in October; draft financials are prepared in November with presentations to the board typically in November or December.
Pam told the board to keep the State Aid Receivable in mind when reviewing year-end numbers: last year the district booked a $4,500,000 adjustment related to a 10% holdback in state aid. She said the finance office is still compiling benefit-related GASB reporting (GASB 75, 96 and 101) and that a separate total-compensation comparison remains forthcoming.
Board members asked questions and declined to request deeper review of the preliminary reports until later in the audit cycle. No board action was taken; the item was informational.
Pam said the finance office will bring the more-complete audit materials and draft financial statements to the board later in the audit timeline.
