The Governmental Accounting Standards Board has stated that every governmental entity, including school entities, should prepare and publish a Comprehensive Annual Financial Report (CAFR).  The CAFR serves as the school system's official annual report and contains introductory information, schedules necessary to demonstrate compliance with finance-related legal and contractual provisions, and statistical data. The CAFR provides useful information for taxpayers, rating agencies, and investors resulting in a positive impact on debt issuances.

The purpose of the financial statements is to report on the financial position and operations of the school system (including its blended component units) and provide an overview of the discretely presented component units. The CAFR enables school business officials to educate the school board and the public about the status of a school system's finances.

The District received the Association of School Business Officials (ASBO), International Certificate of Excellence in Financial Reporting for its CAFR for the fiscal years ended June 30, 2006, 2007, 2008, 2009 and 2010.  It is the intent of the Finance Department to submit this CAFR to ASBO for consideration for its sixth Certificate of Excellence in Financial Reporting award.  This nationally recognized award provides the Superintendent and School Board with confidence about the school system’s finances and its business management staff.

The Superintendent recommends approval of the Audited Comprehensive Annual Financial Report as of June 30, 2011.

Motion and approval of the Audited Comprehensive Annual Financial Report as of June 30, 2011.

None.

Finance Department

Angela Fraser

01/09/12