The Ohio State Auditor presents a report on the financial statements of the District on an annual basis. The audit is based on a sample of transactions that are tested for compliances with regulations set forth by the Governmental Accounting Standards Board and Generally Accepted Accounting Principles. The School District operates on the cash basis of accounting (cash in and cash out). The financial statements are converted to an accrual basis and then ultimately audited by the Ohio State Auditor’s office. The audit usually includes an onsite visit to the central office for a period of time to test and review the supporting financial documents of the District. Some of the key focal points of the State Audited Financial Report are the Independent Auditor’s Report and the Notes to the Basic Financial Statements.
Audited Financial Statements:
The Five Year Forecast
The Five Year Forecast is a financial projection document that is due to the Ohio Department of Education twice a year in October and May. The Ohio Department of Education reviews the financial forecast of the school district to assess the overall financial capacity of the district to continue with current operations. School Districts must provide further details on the financial plan if more than two of the five projected school years are in the red (have a negative balance of funds). The Five Year Forecast reports on the General Fund of the School District, including the total revenue sources and total expenditures of the district. Three historical years of financial information are presented to establish prior year activity, while five years are projected into the future. The notes of the five year forecast describe the details associated with each line item in the forecast. Please feel free to review the attached document entitled “How to Read the Five Year Forecast”.