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CFO reports audit 'clean' but flags control items; system shows excess revenues and planned spending
Summary
The board received February and March financial statements showing assets increased by $1.4 million and liabilities by $677,000; the CFO reported an unmodified audit opinion and said the system will address control issues while planning targeted spending (including food service equipment) and possible amended budgets.
The Lake Wales Charter School System’s chief financial officer presented consolidated financial statements for February and March and reported an unmodified (clean) audit opinion while noting control items to address.
Mister Smith told trustees that assets increased by $1,400,000 and liabilities grew by $677,000 in the reporting period. He said system revenues are approximately 77% of expected and that year-to-date excess revenues totaled about…
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