Annual Audit FY’03

The District has received the annual audit for the 2002-2003 school year. The accounting firm of Baumann and Associates, Ltd. completed the audit and found no irregularities in practice nor procedure. In the Independent Auditors Report, it is stated: “In our opinion, the financial statements referred to above present fairly, in all materials respects, the assets and liabilities arising from cash transactions of Pekin Public Schools, District 108, as of June 30, 2003, and its revenue received and expenditures disbursed during the fiscal year then ended, on the basis of accounting described in Note 1.” Regarding Internal Controls Report, it is stated: “We noted no matters involving the internal control over financial reporting and its operation that we consider to be material weaknesses.”

Regarding the Auditor’s Compliance Report, it is stated: “In our opinion, Pekin Public Schools, District 108, complied, in all materials respects, with the requirements referred to above that are applicable to each of its major Federal programs for the years ended June 30, 2003.” “We noted no matter involving the internal control over compliance and its operations that we consider to be material weaknesses.”

Regarding the Budget, it is stated: “The District operated within the legal confines of the budget and had no deficit fund fund balances as of June 30, 2003.”

I would like to commend Business Office Manager Connie Sutton and the entire Business Office Staff for their assistance in providing information and responding to auditor requests.

I recommend the Board accept the audit as presented by Baumann and Associates and file the Annual Financial Report with the Regional Superintendent and the National Clearinghouse for Federal Audit Reports.