April 4, 2012
Comptroller DiNapoli Releases School Audits
New York State Comptroller Thomas P. DiNapoli today announced his office completed the audits of the Campbell Savona Central School District and the Elmira City School District.
Campbell Savona Central School District – Budget Review (Steuben County)
Auditors found that the significant revenue and expenditure projections in the proposed budget are reasonable. The district’s proposed budget also complies with the property tax levy limit.
Elmira City School District – Financial Management (Chemung County)
Due to significant reductions in federal and state aid, the district exhausted its unrestricted fund balance during the 2010-11 fiscal year and ended the year with a deficit of $629,700. The district included more realistic estimates of revenues and appropriations in the 2011-12 budget than in prior years, and used some reserves to help fund operations. This should result in the fund balance being restored to a positive amount by the end of the 2011-12 fiscal year. Auditors also found that on June 30, 2011 the district had $2.9 million in excess reserve funds that can be used to help finance the district’s operations and offset any unexpected fluctuations in revenues and expenditures.