REPORT OF THE BUSINESS ADMINISTRATOR
On behalf of the SAU#61 Business Office, I am pleased to prepare this summary of the School District’s business operations for 2008. SAU #61 serves the communities of Farmington and Middleton and in November 2008, engaged my services as a Senior Associate of Municipal Resources, Inc., to act as Interim Business Consultant; providing continuity for business operations staff, financial
oversight, software maintenance and day-to-day functionality of the SAU business office. In working with the Superintendent and her staff we have accomplished many priorities in a short period of time and strategized to improve the overall quality of the District’s financial processes and internal controls.
The first order of business was to reconcile and close the accounting records through fiscal year ending 6/30/08, and complete the State of NH filings to establish a tax rate. We quickly transitioned to finalizing the budgets and warrant articles for the upcoming fiscal year, while also reenergizing the transition to the new accounting system. We are half way towards that goal and expect to have most of the installed systems up and running by April 1. We are scheduled with the new auditing firm to complete the FY08 audit and we are working with the previous auditor to complete FY07. These reports will be available shortly. Our goals in the coming months are to review the policies & procedures of all business operations and establish a control environment throughout the organization that sets a positive and supportive attitude toward controls and responsible management. Our objectives are to:
- Improve quality of year-end financial & audit control processes;
- Ensure timely compliance with State and Federal reporting requirements & audits;
- Implement reconciliation processes throughout to ensure accurate financial reporting;
- Enhance review & oversight of revenues, expenditures & encumbrances; develop this culture across departments/cost centers;
- Complete migration and training of all departments to new accounting system and introduce budget by department functionality;
- Encourage analysis of data and trends that yield maximum results and savings;
- Bring the District into compliance with GASB 34 and complete 403b implementation;
- Review & implement written policies & procedures throughout the business office;
- Review of Activity Funds, Food Service, Transportation & Facility operations;
- Enhance communication & interaction with staff and departments throughout District;
- Determine short and long term budget considerations and implement a capital improvement plan to assist with goals based budgeting.
A summary of the financial conditions through the close of the last fiscal year June 30, 2008, can be found in the Financial Highlights section of this Annual Report.
Respectfully submitted,
Carolyn Rioux
Municipal Resources, Inc.
