The audit of the Jefferson County Board of Education for the fiscal year October1, 2008 through September 30, 2009 by the Examiners of Public Accounts was released on Friday, April 9, 2010.  The audit results are available at the Examiner’s website, www.examiners.alabama.gov  or on the Jefcoed website under Jefcoed Financial Reports.

Several items to note from the audit are the following:

• The Board received an “unqualified” opinion for the audit.  There were no material weaknesses identified with internal controls.

• No matters were reportable and no recommendations made.

• The assets of the Board exceeded its liabilities by $585.15 million.  Of this amount, $55.59 million (unrestricted net assets) may be used to meet the Board’s future costs of operations.

• The Board’s total assets increased by $3.58 million over the course of the fiscal year.

• The Board reduced its outstanding long-term liabilities by $7.19 million or 6.3 percent.