Determine whether Tioga Central School District (District) officials maximized interest earnings.
Interest earnings were not maximized.
- District officials did not develop and manage a comprehensive investment program or comply with the District’s investment policy.
- Had officials invested available funds in a financial institution with higher interest rates, the District’s interest earnings could have increased by $215,120.
- Prepare monthly cash flow forecasts that estimate available funds for investment.
- Ensure excess funds are invested in a manner, within legal limits, to maximize interest earnings.
District officials disagreed with certain aspects of our findings and recommendations, but indicated they have initiated corrective action. Appendix B includes our comments on issues raised in the District’s response letter.