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NYS Comptroller

THOMAS P. DiNAPOLI

Audits of Local Governments and School Districts

Liberty Central School District – Budget Review (B4-12-4)


Released: March 22, 2012 -- [read complete report - pdf]

Purpose of Audit

The purpose of our budget review was to determine whether the significant revenue and expenditure projections in the District’s tentative budget for the 2012-13 fiscal year are reasonable.

Background

The Liberty Central School District located in Sullivan County issued debt totaling $1.3 million to liquidate the accumulated deficit in the District’s general fund as of June 30, 2002. Local Finance Law requires that all local governments that have been authorized to issue obligations to fund operating deficits submit their tentative budgets for the next fiscal year to the State Comptroller for review while the deficit obligations are outstanding.

Key Findings

  • Based on the results of our review we found that the significant revenue and expenditure projections in the proposed budget are reasonable.
  • The District took appropriate action to implement and resolve the recommendation contained in our budget review report issued in April 2011 with regard to excessive fund balance.
  • The District’s proposed budget complies with the 2 percent tax levy limit set by statute.

Key Recommendations

  • There are no recommendations in this budget review letter.

Local Government and School Accountability Contact Information:

Phone: (518) 474-4037; Email: localgov@osc.state.ny.us
Address: Office of the State Comptroller, Division of Local Government and School Accountability
110 State Street, 12th Floor; Albany, NY 12236