New Albany News

District to add CAFR to financial reports

New Albany-Plain Local Interim Treasurer Peg Betts is changing the way the district presents financial statements to boards and the community.

Betts said she is having Kennedy Cottrell Richards, an accounting firm from Gahanna, prepare a comprehensive annual financial report for the district.

The district will pay Kennedy Cottrell Richards $16,000 for its work. The school district has not previously worked with the accounting firm, according to its records, said district spokesman Patrick Gallaway.

Betts called the annual report "our financial story."

She said a comprehensive annual financial report has more comprehensive statistics, going back 10 years instead of five, and provides a broader look at the financial figures.

She said the core financial data in a CAFR is the same as that in other reports prepared by the district.

School board member Mark Ryan said the city produces a CAFR.

It is not a requirement for school districts, but, Betts said, it could help with bond ratings when the district tries to issue debt.

The state auditor's office currently is completing the district's state audit.

Gallaway said the auditors do not anticipate being done until the end of the year.

The district also needs to appoint an audit committee, likely containing members of the financial review and reporting committee, Betts said.

She said the financial review and reporting committee also will review a draft of the CAFR.

-- Lori Wince