Lifetime Citizen Portal Access — AI Briefings, Alerts & Unlimited Follows
CFO reports audit 'clean' but flags control items; system shows excess revenues and planned spending
Loading...
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 $6,400,000; he cautioned that the excess typically declines by June as the fiscal year closes.
On the audit, Mister Smith said the consolidated audit report will be released and that the auditors issued an unmodified opinion but identified control items that the district needs to address. "We have an unmodified opinion, which basically means a clean opinion, but we do have some things that we have to address in terms of controls," he said.
The CFO described reserves, reporting about $3,000,000 in food service reserves and suggested using those funds for equipment upgrades and kitchen improvements; he said he will seek approval for any amended budgets required to spend reserves during the fiscal year and is seeking Florida Department of Agriculture approval for some expenditures.
Trustees asked for clarification on federal grant amendments and carryover procedures. Mister Smith explained the amendment process for federal entitlement grants (Title I, II, III, IV), how carryforward amounts are reviewed by the Florida Department of Education, and why the amendment timeline can take four to six months.
The board voted to approve the February and March financial statements. The CFO said the administration will brief the audit committee and the board later on corrective actions for control items and return with any necessary amendments for planned spending.
