Cherry Valley–Springfield Central School District – Financial Condition (2020M-156)

Issued Date
March 26, 2021

[read complete report - pdf]

Audit Objective

Determine whether the Cherry Valley-Springfield Central School District (District) officials effectively managed the District’s financial condition.

Key Findings

Officials effectively managed most aspects of financial condition. However, officials have not:

  • Utilized their multiyear financial plans to help make financial decisions.
  • Adopted fund balance and reserve policies.

Key Recommendations

  • Officials should utilize their comprehensive multiyear financial plans to help make financial decisions.
  • The Board should adopt written policies concerning fund balance and outlining the financial objectives, optimal funding levels and conditions for using each reserve.

Subsequent Event

Our audit fieldwork was completed prior to the COVID-19 pandemic (pandemic). The District’s 2020 projections and our audit work do not factor in the pandemic’s financial effects.

Officials generally agreed with our recommendations and indicated they planned to initiate corrective action.