Warrensburg Central School District - Financial Condition Management (2017M-265)

Issued Date
June 08, 2018

[read complete report - pdf]

Audit Objective

Determine whether District officials effectively managed the District’s financial condition.

Key Findings

  • District officials annually overestimated appropriations from 2014-15 through 2016-17 and it appears they did so again in 2017-18.
  • Unrestricted fund balance ranged between 7.6 and 14.4 percent of ensuing years’ appropriations, exceeding the 4 percent statutory limit.
  • Five completed capital projects were not closed out.

Key Recommendations

  • Develop realistic estimates of appropriations.
  • Adopt a written plan to use excess fund balance to benefit District residents.
  • Close completed capital projects.

District officials generally agreed with our recommendations and have initiated, or indicated they planned to initiate corrective action.