Agenda Item
Meeting Date: 1/23/2020 - 6:30 PM
Category: New Business and Reports to the Board
Type: Info/Action
Subject: FY 2019 Comprehensive Annual Financial Report (CAFR)
ACPS 2025 Strategic Plan Goal:
Goal 6: Effective and Efficient Operations
Policy: DI - Financial Accounting and Reporting
Funding Source or Fiscal Impact (where applicable):
File Attachment:
200123_Memo_FY2019_Comprehensive_Annual_Financial_Report.pdf
200123_ACPS_Comprehensive_Annual_Financial_Report_2019.pdf
200123_CLA_Letter_to_School_Board_FY2019.pdf
Agenda Item Summary: CliftonLarsonAllen LLP the City and Schools’ external auditors, have audited the CAFR and issued an unmodified (or “clean”) opinion indicating that the financial statements fairly represented the financial position of ACPS as of June 30, 2019 (CAFR, page 19). Additionally, CLA has issued their letter to the School Board as required by the American Institute of Certified Public Accountants (AICPA) for all financial statement audits and their report on the Division’s internal control over financial reporting and on compliance and other matters(CAFR, page 153). No significant deficiencies or material weaknesses of internal control or instances of noncompliance with certain provisions of laws, regulations, contracts or grant agreements or other matters were noted that could have a direct and material effect on the financial statement amounts. The CAFR follows theformat prescribed by the Governmental Accounting Standards Board (GASB). It includes: (1) an introductory section which provides general information on the school division’s structure and the services it provides; (2) a financial section which contains the basic financial statements as well as the independent auditor’s report; and (3) a statistical section which provides a broad range of financial and demographic information useful in assessing ACPS’ economic condition, much of it in the form of ten-year trend data.
Background: The independent auditors from CliftonLarsonAllen LLP (CLA) have reviewed the comprehensive annual financial report (CAFR) as prepared by ACPS financial staff and completed the FY 2019annual financial report on December 13, 2019. This was conducted in accordance with the standards applicable to financial audits, including Government Auditing Standards issued by the Comptroller General of the United States and the specific standards of audits for local jurisdictions issued by the Auditor of Public Accounts (APA) of the Commonwealth of Virginia. The auditors’ primary focus is to obtain reasonable assurance about whether the financial statements are free of material misstatement and to ensure that internal controls as defined by the audit standards are in place.
Recommendation: The Superintendent recommends that the School Board accept the FY 2019 Comprehensive Annual Financial Report (CAFR).
Approvals:
Recommended By:
Signed By:
Dominic Turner - Chief Financial Officer
Signed By:
Gregory Hutchings - Superintendent
Vote Results:

Original Motion
Member Margaret Lorber Moved, Member Jacinta Greene seconded to approve the Original motion 'The Superintendent recommends that the School Board accept the FY 2019 Comprehensive Annual Financial Report (CAFR).'. Upon a Roll-Call Vote being taken, the vote was: Aye: 8 Nay: 0.
The motion Carried 8 - 0
   
Margaret Lorber     Yes
Cindy Anderson     Yes
Veronica R. Nolan     Yes
Meagan L. Alderton     Yes
Christopher A. Suarez     Yes
Jacinta Greene     Yes
Michelle Rief     Yes
Heather Thornton     Yes