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Auditors give SFUSD a clean opinion; district reserves and internal controls show improvement
Summary
Auditors presented a clean opinion for the district’s 06/2007 financial statements, reported a roughly $8 million reduction in the self-insurance deficit and an increase in reserves to about 3.2%; two findings were noted (late vendor invoices and attendance-policy inconsistencies).
Auditors reported to the San Francisco Board of Education that the district’s 06/2007 audit received a clean opinion and that financial trends showed measurable improvement. Tom Brewer, a partner at auditing firm VTD, told the board the district’s fund financial statements closely matched the unaudited actuals with minimal adjustments and no internal-control deficiencies for the general, restricted, or unrestricted funds.
Brewer highlighted a reduction in the self-insurance-fund deficit of about $8,000,000 and said the district’s reserves…
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