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Meeting Date:
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2/8/2024 - 6:30 PM
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Category:
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New Business and Reports to the Board
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Type:
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Info/Action
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Subject:
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FY 2023 Annual Comprehensive Financial Report
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ACPS 2025 Strategic Plan Goal:
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Goal 4: Strategic Resource Allocation ACPS will strategically provide differentiated resources and supports to schools and departments.
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Funding Source or Fiscal Impact (where applicable)
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File Attachment:
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Agenda Item Summary:
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The independent auditors from CliftonLarsonAllen LLP (CLA) have reviewed the Annual Comprehensive Financial Report (Financial Report) as prepared by ACPS financial staff and completed the FY 2023 annual financial report on December 15, 2023. 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 18, 2024.
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Background:
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CliftonLarsonAllen LLP the City and Schools’ external auditors, have audited the Financial Report and issued an unmodified (or “clean”) opinion indicating that the financial statements fairly represented the financial position of ACPS as of June 30, 2023 (page 23).
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 (page 165). 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 Financial Report 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.
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Recommendation:
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The Superintendent recommends that the School Board accept the FY 2023 Annual Comprehensive Financial Report.
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Approvals:
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Recommended By:
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Signed By:
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Dominic Turner - Chief Financial Officer
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Signed By:
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Dr. Melanie Kay-Wyatt - Superintendent
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Vote Results:
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| Original Motion | | Member Tim Beaty Moved, Member Christopher Harris seconded to approve the Original motion 'The Superintendent recommends that the School Board accept the FY 2023 Annual Comprehensive Financial Report.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 9 Nay: 0. | | The motion Carried 9 - 0 | | | | | Meagan L. Alderton | Yes | | Jacinta Greene | Yes | | Dr. Michelle Rief | Yes | | Kelly Carmichael Booz | Yes | | Tammy Ignacio | Yes | | Christopher Harris | Yes | | Abdel-Rahman Elnoubi | Yes | | Dr. Ashley Simpson Baird | Yes | | Tim Beaty | Yes | |
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