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INTRODUCTION

Independent Audit

State statutes require an annual audit by independent accountants. Charles E. Harris & Associates conducted the District’s 2016
fiscal year audit. In addition to meeting the requirements set forth in state statutes, the audit also was designed to meet the
requirements of the Federal Single Audit Act Amendments of 1996 and U.S. Office of Management and Budget Circular A-133
Audits of States, Local Governments and Non-Profit Organizations. The auditor’s report on the basic financial statements and
combining and individual fund statements and schedules is included in the financial section of this report.

Other Information

Awards:

GFOA Certificate of Achievement

The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for
Excellence in Financial Reporting to the Hudson City School District for its Comprehensive Annual Financial Report for the fiscal
year ended June 30, 2015. This was the seventeenth consecutive year that the District has achieved this prestigious award. In
order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized
Comprehensive Annual Financial Report. This report must satisfy both generally accepted accounting principles and applicable
legal requirements.

A Certificate of Achievement is valid for a period of one year only. We believe that our current comprehensive annual financial
report continues to meet the Certificate of Achievement Program’s requirements and we are submitting it to the GFOA to
determine its eligibility for another certificate.

ASBO Certificate of Excellence

The District received the Association of School Business Officials (ASBO) International Certificate of Excellence in Financial
Reporting Award for its Comprehensive Annual Financial Report for the fiscal year ended June 30, 2015. This was the
seventeenth consecutive year that the District has achieved this prestigious award. The award represents a significant achievement
by the District and reflects the District’s commitment to the highest standards of school system financial reporting. The District is
also submitting this report to the Association of School Business Officials (ASBO) International for consideration of the
Certificate of Excellence in Financial Reporting award. This award will certify that the Comprehensive Annual Financial Report
conforms to the principles and standards of financial reporting as recommended and adopted by the Association of Schools
Business Officials. This award is granted only after an intensive review of the financial report by an expert panel of certified public
accountants and practicing school business officials. Management believes the Comprehensive Annual Financial Report for the
fiscal year ended June 30, 2016, which will be submitted to ASBO for review, will continue to conform to ASBO’s principles and
standards.

Acknowledgments

The continued publication of this report is an indication of the District’s commitment to be accountable to our investors, the
residents of the Hudson City School District, and to our customers, the students.

The preparation and publication of this Comprehensive Annual Financial Report on a timely basis could not have been possible
without the cooperation of the entire staff of the Treasurer’s Office. Additional appreciation is extended to Derek Cluse, Business
Manager, for maintaining the District’s Capital Asset Records; to Doreen Osmun, Assistant Superintendent and Director of
Curriculum & Instruction, for her contributions to the Curricular Initiatives section; to Sheryl Sheatzley, Manager of
Communications and Alumni Outreach, for her work on the cover and design; and also to Julian & Grube Inc., for their expert
guidance and assistance.

Respectfully submitted,

Kathryn L. Sines Phillip Herman
Treasurer Superintendent

HUDSON CITY SCHOOL DISTRICT

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