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Meeting Date:
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1/21/2021 - 4:00 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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Comprehensive Annual Financial Report (CAFR) for FY 2020
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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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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, 2020 (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.
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Background:
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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 2020 annual financial report on December 2, 2020. 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.
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Recommendation:
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The Superintendent recommends that the School Board accept the FY 2020 Comprehensive Annual Financial Report (CAFR).
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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. Gregory C. Hutchings, Jr. - Superintendent
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Vote Results:
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| Original Motion | | Member Jacinta Greene Moved, Member Christopher A. Suarez seconded to approve the Original motion 'The Superintendent recommends that the School Board accept the FY 2020 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 | | Dr. Michelle Rief | Yes | | Heather Thornton | Yes | |
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