Agenda Item
Meeting Date: 1/10/2019 - 7:00 PM
Category: New Business and Reports to the Board
Type: Info/Action
Subject: FY 2018 Comprehensive Annual Financial Report
Strategic Plan:
Objective 6.1 Fiscal Policies and Practices
ACPS will plan, manage, monitor, and report spending to provide decision-makers and the community with a reliable, accurate, and complete view of the financial performance of the educational system at all levels.
Objective 6.3 Operational Efficiency and Performance Management
ACPS will focus resources on student learning by utilizing a comprehensive performance management system that ensures efficient, cost-effective business operations.
Policy: DI - Financial Accounting and Reporting
Funding Source or Fiscal Impact (where applicable):
File Attachment:
011019_CAFR_Memo_2.pdf
011019_acps_opinion_2018.pdf
011019_acps_gas_letter_2018.pdf
011019_ACPS_CAFR_2018.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, 2018 (CAFR, page 21).
Additionally, CLA has issued their report on the Division’s internal control over financial reporting and on compliance and other matters (CAFR, page 157). 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 the format 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 2018 annual financial report on December 13, 2018. 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.

The CLA auditors are prepared to discuss this report at the School Board meeting scheduled for January 10, 2019.
Recommendation: The Superintendent recommends that the School Board accept the FY 2018 Comprehensive Annual Financial Report (CAFR).
Approvals:
Recommended By:
Signed By:
Final-Clerk of the Board - Proxy
Vote Results:

Original Motion
Member Ramee A. Gentry Moved, Member Margaret Lorber seconded to approve the Original motion 'The Superintendent recommends that the School Board accept the FY 2018 Comprehensive Annual Financial Report (CAFR).'. Upon a Roll-Call Vote being taken, the vote was: Aye: 9 Nay: 0.
The motion Carried 9 - 0
   
Ramee A. Gentry     Yes
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