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June 1, 2010


DiNapoli’s Office Completes Roosevelt UFSD Audit Report


New York State Comptroller Thomas P. DiNapoli today announced his office completed the fiscal monitoring report: Roosevelt Union Free School District - 2009-10 Third Quarter Report on Results of Operations.

“My office’s audits of school districts and BOCES help schools improve their financial management practices,” DiNapoli said. “These audits are tools for schools to make sure proper policies and procedures are in place to protect taxpayer dollars and provide students with the best possible education.”

Roosevelt Union Free School District - 2009-10 Third Quarter Report on Results of Operations
Based on their analysis of the district’s general fund revenues and expenditures reported as of March 31, 2010, DiNapoli’s auditors determined that the district is on track to exceed its revenue projection and to stay within its budgeted expenditure limits. If this trend continues, the district could end the year with a surplus of approximately $4.2 million instead of the planned operating deficit of $2.5 million.

As a result, the total general fund balance will likely increase from about $20 million as of June 30, 2009, to approximately $24.1 million as of June 30, 2010. With existing reserves of $9.5 million and appropriations of $2.82 million to fund next year’s budget, the district will have approximately $11.8 million of unreserved, unappropriated moneys in the general fund as of June 30, 2010. This amount is approximately 14 percent of the tentative 2010-11 budget of $84 million, or 3.5 times the amount allowed to be retained by law.

In addition, there are still instances in which district officials are charging encumbrances and expenses against budget line codes with no budgeted appropriations, or spending and encumbering funds in excess of budgeted appropriations. As a result, 17 account codes were cumulatively over-expended by $187,211. This is an improvement from the 42 account codes that were over-expended by approximately $1.8 million that we reported in our second quarter report. Finally, district officials need to encumber and earmark the remaining $1.04 million in AIG funds.

A copy of the report can be found here: http://osc.state.ny.us/localgov/audits/schools/2010/roosevelt3qtr.pdf. If you have any questions or would like a comment from the Comptroller’s office regarding this report, please call the Press Office at 518-474-4015.

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