Purpose of Audit

The purpose of our audit was to review the District’s financial condition for the period of July 1, 2012 through November 30, 2013.

Background

The New Paltz Central School District is located in portions of the Towns of New Paltz, Gardiner, Rochester, Shawangunk, Lloyd and Plattekill in Ulster County. The District operates four schools with approximately 2,200 students and is governed by an elected seven-member Board of education. Budgeted general fund appropriations for the 2013-14 fiscal year are approximately $52 million.

Key Findings

• The Board has consistently balanced its budgets by appropriating and nearly depleting unrestricted, unappropriated fund balance.
• While the District’s amount of unrestricted, unappropriated fund balance has recently increased, it is still less than 2 percent of the ensuing year’s budget.

Key Recommendations

• Revise fund balance policy to specify the minimum amount of unrestricted, unappropriated fund balance to be retained.
• Increase the amount of unrestricted, unappropriated fund balance to provide a financial cushion in case of unforeseen expenses.