LAPS clarifies audit findings

The director of business services for Los Alamos Public Schools responded to a story in Thursday’s Monitor regarding unaccounted for capital assets.

John Wolfe said the nearly $7 million in capital asset adjustments, which auditors indicated had to be made in the capital assets account for the 2006-07 school year, was an accounting adjustment and does not reflect a loss of cash or property.

“The story refers to an audit from the fiscal year, which ended June 30, 2007, in which the auditors indicated $6,671,129 in adjustments had to be made in the capital assets,” Wolfe said.

“We would like to assure the public that no assets are missing and this $6,671,129 adjustment does not reflect any actual cash dollars or tangible property. It is strictly an accounting adjustment made to the value of buildings, improvements to buildings and construction in progress since the capital assets were overstated for the year ended June 30, 2006.”

Los Alamos Public Schools conducts an independent audit each year in compliance with New Mexico Public Education regulations, he said.

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