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NYS Comptroller

THOMAS P. DiNAPOLI

Audits of Local Governments and School Districts

Hoosic Valley Central School District – Financial Management (2014M-6)


Released: June 6, 2014 -- [read complete report - pdf]

Purpose of Audit

The purpose of our audit was to review the District’s financial operations for the period July 1, 2011 through August 31, 2013.

Background

The Hoosic Valley Central School District is located in the Towns of Schaghticoke and Pittstown in Rensselaer County and the Towns of Cambridge and Easton in Washington County. It operates two schools with approximately 1,000 students and 230 employees. The District is governed by an elected seven-member Board of Education. District expenditures for the 2012-13 fiscal year were approximately $18.9 million and budgeted appropriations for the 2013-14 fiscal year are approximately $20.2 million.

Key Findings

  • The Board adopted unreasonable budgets that included overestimated appropriations.
  • The Board failed to fund and use reserves in accordance with General Municipal Law.
  • The District’s long-term financial plan was not adequate because it did not include appropriate provisions for the use of unexpended surplus funds and reserves.

Key Recommendations

  • Develop and adopt budgets that include realistic estimates for appropriations.
  • Ensure all reserves are maintained in accordance with applicable laws.
  • Develop a multiyear financial plan that addresses the use of unexpended surplus funds in a manner that benefits District taxpayers.

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