FOR IMMEDIATE RELEASE
Feb. 10, 2016
Media Relations Specialist
Minneapolis Public Schools receives “best opinion an auditor can issue” for 2015 budget audit
MINNEAPOLIS – Minneapolis Public Schools (MPS) received an unmodified opinion in the 2015 budget audit conducted by independent auditing agency BerganKDV, Ltd. In a presentation to the Minneapolis Board of Education’s Finance Committee, MPS’ auditor said this is the “best opinion an auditor can issue.”
“Financial statements present fairly in all material respects…[and] in financial position of the governmental activities, each major fund and the aggregate remaining funds,” the auditor explained.
At the same time, the audit did present some areas of opportunity for the district, including: clearer separations in accounting responsibilities among staff; more detailed budgeting for both income and expenditures; and stronger tracking of capital assets. The audit report recognized that MPS management is aware of these issues and is “[taking] certain steps to compensate for the lack of internal controls.”
In addition, the audit noted the unassigned fund balance has risen to 8.6 percent. Per Board policy, the district must maintain a minimum unassigned balance of 8 percent of the annual budget.
“This audit report reflects the hard work being done by staff at all levels to ensure we are being good stewards of taxpayer dollars while meeting the individual, unique needs of our students,” said Chief Financial Officer Ibrahima Diop. “MPS is committed to using our resources in a way that’s best for our students.”
The audit was presented to the full Board at its monthly business meeting on Feb. 9. In March, the Board will vote to accept the results of the audit. MPS will use the audit report and implement its recommended changes as it determines the 2016-17 budget.