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School Board releases interim forensic financial audit report for Fiscal Year 2013. Report outlines irregularities in how the school system processed budget adjustments. Report also identifies inaccurate quarterly reports, redirection of funds in personnel and benefit lines.
School Board releases interim forensic financial audit report for Fiscal Year 2013. Report outlines irregularities in how the school system processed budget adjustments. Report also identifies inaccurate quarterly reports, redirection of funds in personnel and benefit lines.
School Board releases interim forensic financial audit report for Fiscal Year 2013. Report outlines irregularities in how the school system processed budget adjustments. Report also identifies inaccurate quarterly reports, redirection of funds in personnel and benefit lines.
Valerie Cottongim, Public Information Officer, 540-658-6629
Stafford County School Board Releases Audit Report that
Shows Irregularities in Budget Adjustments; Implements Improved Budgeting Practices The Stafford County School Board has released findings from an interim forensic financial audit report for Fiscal Year 2013 (FY13) that outlines irregularities in how the school system processed budget adjustments. In addition, the School Board authorized counsel to continue the audit by completing the review of FY13 and to prepare an additional audit report for Fiscal Year 2014. The report identifies a number of concerning budget and budget adjustment practices in FY13, including a large number of budget adjustments impacting a significant number of accounts, inaccurate quarterly reports, redirection of funds in personnel and benefit lines, and failure to reconcile budgeted amounts with actual expenditures. Our commitment is to improve transparency with our community and ensure their trust in us to be good stewards of taxpayer dollars, said School Board Chair Holly H. Hazard. We welcome the continued scrutiny to provide any additional information that may be helpful to improve our budgeting practices. This was an unfortunate situation that we immediately began to investigate once we learned of the irregularity at the end of June 2015 when our fiscal year ended, said Superintendent W. Bruce Benson. This report confirms our early findings that something was not quite right with how we had been processing budget adjustments, so we took proactive steps to put in tighter controls around our budget and financial processes even before we received this reports findings. The following improvements were implemented during the past nine months: 1. Converted budget development spreadsheets from Lotus to Excel to ensure data control, integrity and security; 4/13/2016 Office of Public Information Page 1 of 2
2. Realigned responsibilities for accounting, budget, grants, payroll and
purchasing functions to ensure multi-point review; 3. Increased detail, timeliness and utility of monthly and quarterly financial statements and issued them on a timely basis; 4. Reconciled and analyzed funds received and unspent (payroll and nonpayroll) at fiscal year-end (FY15); 5. Reduced budget amendment/transfer review and approval process threshold from $20,000 to $10,000; 6. Implemented quarterly review of contracted positions and calculation of contracted salary and benefits lapse; 7. Built FY17 Budget baseline using template developed for calculation of contracted salary and benefits lapse; 8. Implemented a 3-year actual trend analysis to identify expenditure savings and revenue growth opportunities; and, 9. Implemented additional internal controls and standard operating procedures for budget amendment/transfer processing. I believe that these corrective actions taken to date significantly improve the utility, accuracy and oversight of our budget development and management processes, said Benson. The interim report is available through the School Board office by emailing publicinformation@staffordschools.net or calling 540-658-6000 ext. 308.
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