The Board and District officials effectively managed the financial condition.
District officials applied for all entitled State transportation aid for new bus purchases.
- The Board-adopted 2014-15 through 2016-17 budgets overestimated appropriations by an average of 9 percent over these years and did not include more than $3.7 million in intended reserve funding. In addition, the Board has not adopted comprehensive multiyear financial and capital plans.
- District officials retained an annual average of $798,735 in the debt service fund over the past four years (2013-14 through 2016-17) without using this money for debt service payments.
- District officials did not apply for transportation aid in a timely manner. As a result, the receipt of aid totaling approximately $148,672, which could have been used to reduce real property taxes or for other purposes, was delayed.
- Adopt budgets based on realistic estimates that include amounts intended to fund reserves and develop and adopt comprehensive multiyear financial and capital plans.
- Use money in the debt service fund to pay related debt service expenditures in compliance with statutory requirements.
- Implement procedures to ensure transportation aid is applied for in a timely manner.