[read complete report - pdf]

Audit Objective

Determine whether District officials effectively managed the District’s financial condition.

Key Findings

• District officials annually overestimated appropriations from 2014-15 through 2016-17 and it appears they did so again in 2017-18.
• Unrestricted fund balance ranged between 7.6 and 14.4 percent of ensuing years’ appropriations, exceeding the 4 percent statutory limit.
• Five completed capital projects were not closed out.

Key Recommendations

• Develop realistic estimates of appropriations.
• Adopt a written plan to use excess fund balance to benefit District residents.
• Close completed capital projects.

District officials generally agreed with our recommendations and have initiated, or indicated they planned to initiate corrective action.