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NYS Comptroller

THOMAS P. DiNAPOLI

Audits of Local Governments and School Districts


Cortland Enlarged City School District – Fund Balance (2017M-65)


Released: June 9, 2017 -- [read complete report - pdf]

Purpose of Audit

The purpose of our audit was to assess the District’s financial condition for the period July 1, 2015 through January 31, 2017.

Background

The Cortland Enlarged City School District is located in the City of Cortland and the Towns of Cortlandville, Harford, Lapeer and Virgil in Cortland County and the Town of Dryden in Tompkins County. The District, which is governed by an elected seven-member Board of Education, operates six schools with approximately 2,400 students. Budgeted appropriations for the 2016-17 fiscal year total approximately $49.6 million.

Key Finding

  • For fiscal years 2013-14 through 2015-16, reserves decreased $2.2 million (21 percent) and unrestricted fund balance decreased $2.4 million (63 percent), leaving fund balance at a very low level.

Key Recommendation

  • Establish budgets with sustainable use of fund balance by seeking alternative financing sources where available or reducing expenditures.

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