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.