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Meeting Date:
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3/29/2012 - 6:30 PM
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Category:
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Report of the Committee on Accountability, Finance, and Personnel
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Type:
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Action
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Subject:
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7. Action on Receipt of the Fiscal Year-End 2011 Audit Reports
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Strategic Plan Compatibility Statement:
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Goal 6 The district is accountable for measurable results
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Attachments
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Baker Tilly has completed the June 30, 2011, year-end reports identified below. These reports are presented for Board consideration.
1. Financial Statements
2. Report on Internal Controls dated June 30, 2011, including the Auditor's Report on the Status of the Prior Year's Recommendations
3. Early Retirement Supplement and Benefit Improvement Plan
4. Supplemental Early Retirement Plan For Teachers
5. Report on Federal and State Awards
6. Comprehensive Annual Financial Report
7. Baker Tilly Presentation
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File Attachment:
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Background:
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During the annual audit, Baker Tilly performs a review of the district's internal control structure to determine the auditing procedures that are necessary to express an opinion on the district's financial statement. This review culminates with the issuance of a Report on Internal Controls which present the auditor's observations on various district management and internal control issues and makes recommendations.
The Report on Internal Control also includes a report on the status of progress on the district's implementation of the recommendations contained in the prior year's Report on Internal Control.
The prior year's Report on Internal Control included three recommendations (two IT recommendations were combined into one recommendation,including FY05, FY07, FY09 and FY10 matters) that required follow-up by MPS administration. The additional recommendation related to Internal Controls. Baker Tilly has reported that management's actions resolved one part of the IT recommendations (FY05 and FY07 matters). Two recommendations (including the remaining IT issues from FY09 and FY10) which require additional management action and further audit evaluation are being carried forward to FY12. Both of the recommendations (IT issues and Internal Controls) that require reevaluation have been partially resolved. Baker Tilly reported that additional MPS management action and/or Baker Tilly audit evaluation is required to fully address the resolution of these two recommendations.
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Fiscal Impact Statement:
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No fiscal impact
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Implementation and Assessment Plan
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Recommendation:
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Your Committee recommends that the Board receive:
1. The MPS Financial Statements for the Year Ended June 30, 2011;
2. The Report on Internal Controls dated June 30, 2011, and accept district administration's response to the Report on Internal Controls;
3. Early Retirement Supplement and Benefit Improvement Plan for the Year Ended June 30, 2011;
4. Supplemental Early Retirement Plan For Teachers for the Year Ended June 30, 2011;
5. Report on Federal and State Awards for the Year Ended June 30, 2011;
6. Comprehensive Annual Financial Report for the Year Ended June 30, 2011.
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Approvals:
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Recommended By:
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Signed By:
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Lynne A Sobczak - Director, OBG
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