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Audit Objective

Determine whether District officials maximized interest earnings.

Key Findings

• District officials did not develop and manage a comprehensive investment program to ensure interest earnings were maximized.
• Had officials invested idle funds in a financial institution with higher available interest rates, revenue would have increased by $61,162 during the audit period.

Key Recommendations

• Prepare monthly cash flow forecasts that estimate available funds for investment.
• Ensure idle funds are invested in a manner, within legal limits, to maximize interest earnings.

District officials generally agreed with our recommendations and have initiated, or indicated they planned to initiate corrective action.