From an Everett Public Schools news release.
Everett Public Schools earned another clean audit. “This was a big year for the district. Very clean audit,” said Kirk Gadbois, assistant audit manager. “Very, very good!”
School districts are required by law to produce financial reports that meet the state’s minimum reporting standards. The audit covered September 1, 2015, to August 31, 2016, and included categories of accountability, financial statement, and federal grant compliance.
Of the 295 school districts in the state, Everett is one of six that goes beyond the requirements and publishes a Comprehensive Annual Financial Report (CAFR), which presents financials in a manner consistent with private sector corporations. They are also one of seven districts out of 295 that follows Generally Accepted Accounting Principles (GAAP).
Because of the district’s history of comprehensive financial statements, only a handful of Washington state school districts are considered “low risk” districts.
State auditors continue annual audits of “low risk” districts, but they do spend less time in the process, which saves taxpayers money for auditing costs.
“This is especially good news,” Superintendent Gary Cohn said, “when one considers that even a $1 mistake can trigger a federal audit finding. In a district of our size, with hundreds of thousands of financial transactions and operations governed by multiple layers of state and federal regulations, we are pleased indeed.”
The final reports are now on the State Auditor’s Office website.
The district’s next audit in January 2018 will cover the categories of accountability for public resources, financial statement, and federal programs.