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ACCOUNTING
Budget - Fiscal Year 2015   
Audit Report FY 2013
Monthly Report
Accounting Forms - LPOSD Employees only

Lisa Hals - Chief Financial and Operations Officer • (208) 263-2184 ext. 1018

Maryann Boseth - District Bookkeeper/Purchasing • (208) 263-2184 ext. 1023

Starr Mullaley - Accounts Payable • (208) 263-2184 ext. 1013

Debi Reichart - Payroll Specialist • (208) 263-2184 ext. 1025

Annual Audit Report
Reporting financial information on an annual basis is controlled by regulations adopted by the State Board of Education and by section 33-701 (5) of the Idaho Code.  As per regulation, a school district is required to submit to the Department of Education, on or before September 30, an annual report.  The content of the report should be based on the accounts funds operated by the school district and reported on a fiscal year which shall include the dates of July 1 through June 30th.

An Annual audit is the final financial report for the fiscal year.  It is a full and complete report submitted in compliance with Idaho code 33-701 (6).  Specific requirements of the law include:
1.  An independent auditor shall be employed on a written contract.
2.  All funds shall be audited, including student activity funds.
3.  The audit shall be made in accordance with generally accepted accounting standards and
     procedures.
4.  The completed audit report shall be accepted by the Board of Trustees.
5.  Copies of the audit report shall be filed with the State Department of Education and the
     State Legislative Auditor no later than October 15th.

The purpose of the audit should be to determine whether:
1.  Financial operations are conducted properly.
2.  Financial statements are presented fairly.
3.  Compliance exists with laws and regulations affecting the expenditure of special revenue
     funds.
4.  Internal controls have been established to meet the objectives of federal, state, and local
     regulations.
5.  Accurate and reliable information is being provided to the public and government
     agencies.

If you would like copies of our last audit, please contact Lisa Hals, Business Manager at (208) 263-2184.

Budget Report
A school district budget report is an annual plan of financial operations developed for the purpose of achieving the goals and objectives of the school district.  The school district budget is a statement of the estimated revenues and the proposed expenditures developed for operating the various funds and school programs during the fiscal year.  The budget is to be prepared, approved, and filed in the format prescribed by the State Superintendent of Public Instruction.  A school district's Fiscal Year runs July 1 - June 30th.

Timelines Relating to Budgets
By April 30th 
     - LPOSD must notify the County Clerk(s) of public hearing time and date

Notice and Publication 
     - 10 to 14 days prior to hearing/meeting

No later that 28 days prior to annual meeting 
     - Must prepare a Budget 
     - Must have a Public Hearing

At the public hearing or at a special meeting no later than 14 days after the public hearing
     - Must adopt the budget

Annual Meeting
     - Regular July meeting

Submit signed copy to the State
     - Due no later than 21 days after the budget is adopted
     - Signed by the Superintendent/Charter Administrator and Chairperson of the Board of
       Trustees

Monthly Report
Monthly financial reports are prepared for the Board of Trustees and the general public.  We call this report:  The Treasurer's Report.  The Treasurer's Report includes a statement of revenues and expenditures with budget comparison and a monthly bill payment list.  It is presented by the Business Manager during the first School Board Meeting of the month.


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