A Risk Assessment completed in May 2007 cited 38 recommendations, five of which qualified as “High Risk.”  A second assessment, completed January 2008 showed that full corrective action was taken on 22 of 38 items, with partial corrective action on another 10 items. The most recent Risk Assessment report was issued for Board of Education approval on April 8, 2008.  Twenty-seven items were cited, 12 of which have already been addressed through the Business Office restructuring.

 Areas of progress cited in the report include:

• Mandatory fiscal training for compliance with the state’s 5-point plan has been completed by all Board members
• A newly established Audit Committee of the Board
• New financial management software
• New leave accrual management software
• New professional development software to track requirements for mandatory training and to acquire and maintain certification/licensing information
• New secure equipment for records maintenance
• Training for central treasurers of extracurricular student accounts
• Training for staff involved in purchasing procedures
• New Reserve Funding Committee of the Board has been reviewing current and projected reserve fund goals and rationale
• Changes in staffing and operations to the school lunch program in order to reduce a deficit in that fund
• Redesigned job descriptions to delineate segregation of duties in the Business Office
• Revised procedures for cash deposits from sports events
• An IT disaster recovery plan and an IT procedures manual
• Security enhancements in the EXCEL funded capital project with no impact to taxpayers
• Time certification procedures for grant-funded programs
• Improved inventory review and fuel billing review procedures
• Annual in-person distribution of checks and paystubs for employee verification purposes

“We are pleased with the significant progress we’ve made thus far,” said Dr. Michelle Kavanaugh, Superintendent of Schools.  “With the ongoing improvements we are making, and with the leadership of a committed Board of Education and Director of Finance, we will continue our work to ensure fiscal accountability and responsibility of the highest standard in the HF-L schools.”