Finance Advisory Meeting – September 27, 2006 - Informational

Submitted by: Christi Zeller

The Finance Advisory Committee (FAC) met with Julia Stone from Bondi & Associates at 2 PM. Members in attendance, Christi Zeller, John Reiter and Todd Rodas.

EL-8 was discussed with Julia:

Outstanding still is for Diane and Julia to talk about #3,

All other items were reviewed as to Bondi’s responsibility and FAC responsibility as an External Monitoring Source. Julia at Bondi & Co. will report in the Management letter on Executive Limitations 8 and 9, as to those that she is responsible for.

Julia provided the following timeline:

Fieldwork completed 9-29-06

Financials will be prepared by Bondi

Draft of audit will be approximately 10-31-06

Meet with FAC mid afternoon of November 14^th

Board meeting November 14^th to present the audit to the Board of Education

Julia reported on work to date:

Last year’s management letter was reviewed and I-9, W-4 and other documentations lacking from prior years appear to have no issues this year.

Season Passes at the High School and Ticket Reconciliations are implemented

Handling cash was discussed with procedures/policy by PTO, although these are not taxpayer money, those responsible for cash counting/depositing/bank accounts should be aware of their responsibilities.

Todd Rodas stayed behind to talk further about the 7 ratios and other issues. He will report to the full committee any additional information.