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NYS Comptroller

THOMAS P. DiNAPOLI

Audits of Local Governments and School Districts

Tully Central School District – Financial Management (2016M-359)


Released: January 13, 2017 -- [read complete report - pdf]

Purpose of Audit

The purpose of our audit was to evaluate the District’s financial management for the period July 1, 2014 through December 31, 2015.

Background

The Tully Central School District is located in the Towns of Preble and Truxton in Cortland County and the Towns of Fabius, LaFayette, Onondaga, Otisco, Spafford and Tully in Onondaga County. The District, which operates two schools with approximately 860 students, is governed by an elected seven-member Board of Education. Budgeted appropriations for the 2015-16 fiscal year totaled approximately $19.7 million.

Key Findings

  • The Board and officials overestimated expenditures by approximately $4.1 million and underestimated revenues by approximately $900,000 from 2012-13 through 2014-15.
  • Three District general fund reserves with balances totaling over $2.9 million as of June 30, 2015 were overfunded or potentially unnecessary.
  • District officials have not developed a multiyear financial plan.

Key Recommendations

  • Adopt budgets that realistically reflect the District’s operating needs based on historical trends or other identified analysis.
  • Ensure that reserve balances are maintained at reasonable levels and take appropriate action, in accordance with statute, to reduce reserves with excess funds.
  • Develop, adopt and regularly update a multiyear financial and capital plan for a three- to five- year period that addresses the District’s use of fund balance and reserves.

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