February 4, 2013 To Whom It May Concern: My name is Vody 1-Ierrmann. I am the retired Assistant Commissioner of Public School Finance for the Colorado Department of Education. Last summer, Adams 12 Five Star Schools contracted with me to do an independent review of the allegations by Gina Holub that district staff members were acting illegally and unethically in the preparation of the district budget. Additional allegations made by her included that the district was hoarding or hiding money. I found no merit to her allegations. While I made a number of recommendations to the district for ways that it could improve its long- standing budgeting practices and suggested the district obtain assistance in conducting an in-depth review of those past budgeting practices, there were no grounds to support the charges of unethical or illegal behavior. I found all of the district's funds to be accounted for publicly and made suggestions for realigning how some of the money is reported. No funds were hidden. The district does not have a fund balance or reserves that are out of line with other similar districts. The district is not hoarding money and, in fact, is acting prudently in planning for the long--term financial health of the district. It appeared to me that Ms. Holub's knowledge of budgeting was limited and she did not have a background implementing the Public School Finance Act. Ms. Holub is aware of the information I shared with the district and I understand the local media outlet looking into this issue has knowledge of my contract with the District. I was not contacted by either party in relation to the news story they prepared about the district's budget and finances. I will have no further comment on this matter. Any questions may be directed to Joe Ferdani, Director of Communications for Adams 12. od mann