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NYS Comptroller

THOMAS P. DiNAPOLI

Audits of Local Governments and School Districts

St. Regis Falls Central School District – Fund Balance (2016M-141)


Released: June 24, 2016 -- [read complete report - pdf]

Purpose of Audit

The purpose of our audit was to review the District’s financial condition for the period July 1, 2012 through January 31, 2016.

Background

The St. Regis Falls Central School District is located in the Towns of Dickinson, Santa Clara and Waverly in Franklin County and the Towns of Hopkinton and Lawrence in St. Lawrence County. The District, which operates one school with approximately 285 students, is governed by an elected seven-member Board of Education. Budgeted appropriations for the 2015-16 fiscal year were approximately $8.1 million.

Key Finding

  • Unassigned fund balance has exceeded the 4 percent legal limit, ranging from 20.1 percent to 27.8 percent during fiscal years 2012-13 through 2014-15.

Key Recommendation

  • Ensure that the District’s unassigned fund balance is in compliance with statutory limits and reduce the amount of fund balance in a manner than benefits District residents.

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