As required by Section 1 of Article XIIIA of the California Constitution, the District must have an independent financial report and independent performance audit completed annually for the 2014 Bond Measure I. The District contracted with the audit firm Vavrinek, Trine, Day and Company ("VTD") to complete these requirements.
The goal of the financial report is for VTD to express an opinion on the financial statements related to Bond Measure I only, not the entire district. In the auditors opinion the statements below are fairly presented in all material respects as of each year end presented below.
VTD also tested the internal controls over financial reporting to determine if there were any deficiencies in the internal control which prevents us from identifying a misstatement or material weakness such that a material misstatement is likely. The District is happy to report that VTD did not find any deficiencies or material weakness.
VTD also conducted a performance audit in accordance with the standards applicable to performance audits contained in Government Auditing Standards. The performance audit objectives were to:
- Determine whether expenditures charged to the Measure have been made in accordance with the bond project list approved by the voters.
- Determine whether salary transactions, charged to the Measure were in support of the Measure and not for District general administration or operations.
The results of VTD's tests indicated that, in all significant respects, the Cambrian School District has properly accounted for the expenditures held in the 2014 Measure I Fund and that such expenditures were made for authorized Bond projects. Further, it was noted that monies held in the Fund, and expended by the District, were used for salaries of administrators only to the extent they perform administrative oversight work on Measure I construction projects.
Please read through the audit reports below for additional information.