Dist. 158 forgives late audit

The chairman of Huntley Unit District 158's finance committee said Thursday he still had confidence in the district's auditor - despite a delay in finishing the district's audit for the 2007-08 school year.

The audit is a snapshot of the district's financial health that it is required to report to the state and federal governments each year.

It is also a valuable source of information on the district's finances for the public. For example, the district's fund balance - taken from the financial report - became an issue during the recently concluded teacher contract negotiations.

The 2007-08 audit probably won't be completed by the Oct. 15 deadline for turning in the district's annual financial report to the state, district officials said.

"There's a couple lingering issues going on right now," said Tony Quagliano, finance committee chairman and vice president of the school board.

But Quagliano said the district should stick with the auditor, Evans, Marshall and Pease of Rolling Meadows, after the firm's contract expires next year.

The district hired Evans, Marshall and Pease last year after two years of waiting months past the October deadline for its previous auditor, Virchow Krause and Co., to finish auditing the district's finances.

Despite issues caused by the previous delays, Evans, Marshall and Pease was able to submit the district's annual financial report on time last year.

"It was somewhat miraculous they were able to do the job they did last year," Quagliano said Thursday.

This year's audit is delayed because Evans, Marshall and Pease initially overstated the district's revenue for the 2006-07 school year, officials said.

The auditor has filed for an extension from the state and is working to fix the issue, district officials said.