Beaverton SD Audit Exec Summary 3 5 08

ii Business & Operations Review – 2007 Beaverton School District ______________________________________________________________________ INTRODUCTION Today’s public has high expectations that our schools operate effectively and efficiently, while meeting the diverse needs of students – our future citizens. They also want reassurance that their taxes are spent wisely, before voting to spend more funds on buildings or programs. In recent years, public interest – therefore media interest – in public education accountability and transparency has grown. For example, legislative bills regarding mandatory performance audits have been introduced during recent sessions, and the public asks “Why can’t governments (including school districts) simply operate like businesses?” The answer, of course, lies in the differences in purpose. According to a white paper issued by the Governmental Accounting Standards Board (GASB), governments are fundamentally different from for-profit business enterprises in several important ways. They have different purposes, processes of generating revenues, stakeholders, budgetary obligations, and propensity for longevity. These differences require separate accounting and financial reporting standards to provide information to meet the needs of stakeholders to assess ...