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Audit Objective

Determine if 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 available funds in a financial institution with higher available interest rates, interest earnings could have been increased by $45,330 during the audit period.

Key Recommendations

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

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