2005 Cafr Budget Analysis for the School District of Hillsborough County

Topics: High school, Hillsborough County, Florida, County seat Pages: 4 (1083 words) Published: October 1, 2006
2005 CAFR Budget Analysis for The School District of Hillsborough County The School District of Hillsborough County, educating over 187,000 students between pre-kindergarten and twelfth grade, is the ninth largest School District in the nation and third largest in Florida during the school year of 2004-05. The financial service responsibility for the School District of Hillsborough County is with the Division of Business and its associates. The Division of Business is responsible for, among other obligations, generating and presenting the Comprehensive Annual Financial Report (CAFR) for review by KPMG, LLP, and approval by the Superintendent of Schools, MaryEllen Elia and the School Board of Hillsborough County. If the CAFR is deemed to be correct than the District may receive an award from the Government Finance Officers Association. Population

The population in Hillsborough County during 2004 was 1,147,120, an increase of over 31,000 from 2003. This increase is expected to continue at a rate of 30,000 or more during the next 20 years. In 2004 there were a total of 199 public school facilities and 13,959 teachers. The 4th through 8th grade group consisted of 52,283 students, which is the largest group of the over 187,000 students. Governmental Structure

The Hillsborough County School system's financial operations are managed by the school's "Business Division". This division oversees the operations of seven different financial related functions. •Accounting's primary function is to monitor and update the financial ledgers. They manage internal inter-company transactions such as interdepartmental billings. Finally, at fiscal year end they publish the Comprehensive Annual Financial Report (CAFR) based on data collected. •Accounts Payable updates the Payables Ledger that feeds into general ledger maintained by the Accounting department. They process invoices and issue checks to vendors for payment. •The Budget department tracks funds availability and...

References: Division of Business. (2006). Comprehensive Annual Financial Report. Tampa, Florida: School
District of Hillsborough County.
Granof, M.H., Wardlow, P.S. (2003). Core Concepts of Government & NonProfit Organizations.
New York: John Wiley & Sons, Inc..
Wilson, E.R., Kattelus, S.C. (2002). Accounting for Government & Nonprofit Entities. New
York: McGraw Hill.
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