C_2025-32-RFP_Addendum_No._1_SIGNED.pdf

THOMAS KENNEDY

DISTRICT 1

KENNETH FRINK

DISTRICT 2

DOUGLAS A. DODD

DISTRICT 3

SANDRA COUNTS

DISTRICT 4

JOSEPH C. FAHERTY

DISTRICT 5

DR. SCOTT HEBERT – SUPERINTENDENT OF SCHOOLS

“Where Learning is the Expectation and Caring is a Commitment”

2025-32-RFP External Auditing Services Page 1 of 2 Addendum No. 1

ADDENDUM NO. 1

April 11, 2025 2025-32-RFP External Auditing Services

The original solicitation documents shall remain in full force and effect, except as modified herein, which shall take precedence over any contrary provisions in the prior documents. The original solicitation deadline shall remain the same date and time of Tuesday, April 22, 2025 @ 2:00PM. Respondent MUST acknowledge receipt of this Addendum on the Acknowledgement Form where requested.

This addendum is being issued to answer questions received.

Questions/Answers:

Q1: Please provide a copy of the Letter to the Governing Board for the year ending June 30, 2024 (the letter is separate from the bound final audit).

A1: We have previously been audited by the Auditor General and they do not provide a letter to the Governing Board. They have a letter to the President of the Senate in the front of the audit from the Auditor General.

Q2: Please provide a copy of adjusting entries (if any) made subsequent to the release of the 2024 working trial balance.

A2: Attached

Q3: What date does the Finance Department target to provide the auditors with the draft financial statements and notes?

A3: The date it goes to the Board for approval – Usually Sept 11.

Q4: Does the School District plan to submit an Annual Comprehensive Financial Report to the GFOA Excellence in Financial Reporting awards program in the future?

A4: No, the district only does the required ESE 345 and ESE 145

Q5: When does the School District typically receive the OPEB report to provide to the auditors?

A5: Late August

Q6: Were there any significant or unusual transactions that occurred in the 2025 fiscal year or any plans of significant changes in the following two years. For example, issuance of bonds, large capital projects, new accounting software, etc.

A6: No to all

Q7: Government Accounting Standards Statement 101 Compensated Absences is effective for the District’s June 30, 2025 year-end. Has the District started reviewing this standard and how it will affect the change in the accounting for Compensated Absences?

A7: Yes

Q8: Can the audit fieldwork be performed under a hybrid approach?

A8: Yes, preferred

Q9: Why has the school district been audited by the Auditor General over the past several years? Was this due to specific issues within the district?

A9: The population of Citrus County has not warranted the use of outside auditors.

Q10: What were the audit fees from the last CPA firm that performed the audit?

A10: We have never had an outside firm perform the District audit.

2025-32-RFP External Auditing Services Page 2 of 2 Addendum No. 1

Q11: Did the district have any additional or out scope fees in addition to the annual audit?

A11: No

Q12: Does the District prepare the ACFR or is that expected to be done by the auditor?

A12: We do not do an ACFR.

Q13: The RFP notes that electronic submission of the proposal is the preferred method. If we opt to submit electronically, do we also need to submit a hard copy of the proposal?

A13: No

Attachments:

The following are released in regard to the above-mentioned solicitation:

Citrus DSB Financial 23-24 Adjustments

Any questions regarding this addendum, please contact the purchasing agent responsible for this solicitation at owens@citrusschools.org or by phone at (352) 726-1931 ext. 2418.

Thank you for participating in a Citrus County School Board Solicitation.

Sincerely, Shawn Owen Purchasing Specialist-Bid Management

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9ANAGEMENTZS 4ISCUSSION AND 2NALYSIS

Director of Finance

March 6, 2025

Opinion Unit: Government-Wide FS

1 Unallocated Depreciation Expense (777,507.59) Miscellaneous Revenue 777,507.59

Funds 299, 410, 37x 2 Cash & Cash Equivalent 33,768,574.27 Reclassification

Investments (58,000,671.37) Restricted Investment with Fiscal Agent 24,232,097.10

3 Capital Credit Receivable 1,260,396.54

Accounts Receivable (1,260,396.54)

4 Program Revenues:

Capital Grants and Contributions 7400 9,525.06 Capital Grants and Contributions 9200 (9,525.06)

5 Government-Wide Net Asset Balances:

SNP - Unrestricted Balance 1,367,135.58 SNP - Restricted for Food Service 350,540.35 SNP - Restricted for Other Purposes (1,717,675.93)

(0.00) 0.00 0.00 0.00 0.00 777,507.59 (777,507.59) 0.00

To record the correct SNP net asset balances per based on the auditor's recalculation.

Adjustment Explanation

Total Corrected Misstatements

Adj. No. Expenses or ExpendituresAccount Title

Debit /(Credit)

Reclassify the portion of the Accounts Receivable balance belonging to the unretired Capital Credits Receivable.

To reclassify Grants and Contributions to the correct type of

Program Revenues.

Change in Net Position - Increase/

(Decrease)

For unallocated depreciaiton expense to agree to deprecaition additions per Changes in Capital

Assets

Assets Liabilities Net Position RevenuesDeferred Outflows

Deferred Inflows

Corrected - Govt. Wide

Opinion Unit: General Fund

1 Due from Budgetary Funds - 1141 100,821.62 Due from Internal Funds - 1142 (100,821.62)

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Adj. No.

Total Corrected Misstatements

Change in Fund Balance - Increase/

(Decrease)

Adjustment Explanation Account Title Assets Liabilities

To reclassify Due from Internal Funds to Due from Other Funds - Budgetary

Debit /(Credit)

Fund Balance Revenues Expenses or Expenditures

Deferred Outflows Deferred Inflows

Corrected - General Fund

Opinion Unit: LCIF 37X

1 NonCapitalized Obj 6xx Exp (Func 7410) 1,640,580.16 Fac Acq & Constr. Cap 7420 (4,728,636.32)

Other Capital Outlay 9300 3,088,056.16

2 Cash and Cash Equivalent (Account 1111) 13,161,963.41 Investment (Account 1161) (13,161,963.41)

3 Facilities Acquisition (7400) 12,809.00 Charter School LCI (12,809.00)

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00Total Corrected Misstatements

Adj. No. Account Title

To reclassify Capitalized expenditures to Other Capital Outlay and Non Capitalized expenditures.

To reclassify investments to Cash and Cash Equivalent based on the Maturity of FL FIT- Preferred Deposit Pool

To reclasify charter school capitalizated expenditures to non capitalized expenditures

Liabilities Deferred Inflows Fund Balance Revenues Expenses or ExpendituresAssets Deferred

Outflows

Debit /(Credit) Change in Fund

Balance - Increase/

(Decrease)

Adjustment Explanation

Corrected - LCIP 37X

Opinion Unit: LCIF 37X

1 Accounts Payable 101,452.26

Expense (Obj 6800) (101,452.26)

0.00 0.00 101,452.26 0.00 0.00 0.00 (101,452.26) 0.00

Support for this payable noted that goods and services were received in July 2024 which is applicable for FY 2024-25 and not FY 2023-24.

Debit /(Credit) Change in Fund

Balance - Increase/

(Decrease)

EXPLANATION

Liabilities Deferred Inflows Fund Balance Revenues Expenses or

ExpendituresAdj. No. Account Title Assets Deferred Outflows

Total Uncorrected Misstatements

Uncorrected - LCIF 37X

Opinion Unit: ARRA 299

1 Investment (24,232,097.10)

Restricted Investment with Fiscal Service 24,232,097.10

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

To reclassify unrestricted investments to restricted investments.

Total Corrected Misstatements

Change in Fund Balance - Increase/

(Decrease)

Adjustment Explanation Liabilities Deferred Inflows Fund Balance Revenues Expenses or

ExpendituresAdj. No. Account Title Assets Deferred Outflows

Debit /(Credit)

Corrected - ARRA 299

Opinion U Fund 410

1 Investments - 1160 (5,570,732.61) Cash and Cash Equivalent 5,570,732.61

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00Total Corrected Misstatements

Adj. No. Account Title

Reclassification due to maturity 26 Day Average (highly liquid invetment).

Change in Fund Balance - Increase/

(Decrease)

Adjustment Explanation Assets Deferred

Outflows

Debit /(Credit)

Liabilities Deferred Inflows Fund Balance Revenues Expenses or Expenditures

Corrected - FS Fund 41X

Opinion Unit: Aggregate Remaining Fund Info

1 NonCapitalized Obj 6xx Exp (Func 7410) 201,439.82

(Fund 390) Fac Acq & Constr. Cap 7420 (589,676.02) Other Capital Outlay 9300 388,236.20

2 Due to Internal Funds - 2162 100,821.62 (Fund 490) Due to Budgetary Funds 2161 (100,821.62)

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00Total Corrected Misstatements

To reclassify Capitalized expenditures to Other Capital Outlay and Non Capitalized expenditures.

Adj. No.

Change in Fund Balance - Increase/

(Decrease)

Adjustment Explanation

To reclassify Due to Internal Funds to Due to Budgetary

Funds.

Account Title Assets Liabilities

Debit /(Credit)

Fund Balance Revenues Expenses or Expenditures

Deferred Outflows Deferred Inflows

Corrected - ARFI

Opinion Unit: Aggregate Remaining Fund Info

1 Fund 39X Due from Other Agencies - Fund 39X 423,583.00

Unearned Revenue - Fund 39X (228,056.00) DIR - Deferred Revenue - Fund 39X (195,527.00)

423,583.00 0.00 (228,056.00) (195,527.00) 0.00 0.00 0.00 0.00Total Uncorrected Misstatements

Deferred Outflows Deferred Inflows

EXPLANATION

Account TitleAdj. No.

Debit /(Credit) Change in Fund

Balance - Increase/

(Decrease) Assets Liabilities

Appropriation and Encumbrance Authorized for Ed Facilities Security Grant and Citrus HS Cosntruction Academy FYE 6/30/24. District did not record any JEs in Skyward and should have recorded a deferred inflow (DIR) and DFOA in the fund statements. The balance amount was above the trivial misstatement and below performance materiality.

Fund Balance Revenues Expenses or Expenditures

Uncorrected - ARFI