FY 2009 Comprehensive Annual Financial Report - Harford County ...
FY 2009 Comprehensive Annual Financial Report - Harford County ...
FY 2009 Comprehensive Annual Financial Report - Harford County ...
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<strong>Harford</strong> <strong>County</strong> Public Schools<br />
102 S. Hickory Avenue Bel Air, MD 21014 410-838-7300 Fax 410-893-2478<br />
Robert M. Tomback, Ph.D., Superintendent of Schools<br />
September 30, <strong>2009</strong><br />
Members of the Board of Education:<br />
The Public School Laws of the State of Maryland require school districts publish within three<br />
months of the close of each fiscal year a complete set of audited financial statements. This report<br />
is published to fulfill that requirement for the fiscal year ended June 30, <strong>2009</strong>.<br />
Management assumes full responsibility for the completeness and reliability of the information<br />
contained in this report, based upon a comprehensive framework of internal control that it has<br />
established for this purpose. Because the cost of internal controls should not exceed anticipated<br />
benefits, the objective is to provide reasonable rather than absolute assurance that the financial<br />
statements are free of any material misstatements.<br />
SB & Company, LLC, a firm of licensed certified public accountants, have issued an unqualified<br />
(“clean”) opinion on <strong>Harford</strong> <strong>County</strong> Public Schools (HCPS) financial statements for the fiscal<br />
year ended June 30, <strong>2009</strong>. The independent auditor‟s report is located at the front of the<br />
financial section of this report.<br />
Management‟s discussion and analysis (MD&A) immediately follows the independent public<br />
accountants‟ report and provides a narrative introduction, overview, and analysis of the basic<br />
financial statements. MD&A complement this letter of transmittal and should be read in<br />
conjunction with it.<br />
All funds and accounts of the HCPS are included in the comprehensive annual financial report.<br />
For financial reporting purposes, HCPS has been defined as a component unit of the <strong>Harford</strong><br />
<strong>County</strong> Government. Therefore, HCPS is included in the comprehensive annual financial report<br />
of <strong>Harford</strong> <strong>County</strong>.<br />
Profile of the Government<br />
HCPS is a fiscally dependent school system with an actual enrollment of 38,610 students in <strong>FY</strong><br />
<strong>2009</strong> and a projected enrollment of 38,351 in <strong>FY</strong> 2010. HCPS is the 129th largest school system<br />
of the 17,512 regular school districts in the country when ranked by enrollment. There are 24<br />
school districts in the State of Maryland. This places HCPS in the top one percent of school<br />
districts by size.<br />
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