ABSTRACT
Mention school spending to the average citizen, and they will typically think of two things: the average per pupil expenditure in their school district or the average teacher’s salary in their school district. Perhaps further reflection will lead them to recall the local school taxes they will pay or the school district budget document they may have received. Curiously, few of these items are typically reported in the “Comprehensive Annual Financial Report” (CAFR), or general purpose financial statement (GPFS), that some CPA has laboriously compiled and filed with the state education agency, and that they have filed, in turn, with the federal government. Nor do these items typically appear in the state audit. How this divergence occurred between the knowledge the public desires compared with the routine financial reporting of school districts requires some explanation.
