Purpose of Audit

The purpose of our audit was to review the District’s financial condition for the period July 1, 2012 through November 30, 2015.

Background

The Schuylerville Central School District is located in eastern Saratoga County. The District, which operates three schools with approximately 1,700 students, is governed by an elected seven-member Board of Education. Budgeted appropriations for the 2015-16 fiscal year totaled approximately $33.7 million.

Key Findings

• During the 2013-14 fiscal year the District transferred more than $1.4 million in excess funds from the employee benefit accrued liability reserve (EBALR) to the general fund causing the fund balance to exceed the statutory limit at year-end.
• District officials have not developed a plan to document their intentions for the amount necessary for any of the District’s reserves or the future use of the reserve funds.

Key Recommendations

• Ensure that the amount of the District’s unrestricted fund balance is in compliance with the statutory limits and reduce the amount of unrestricted fund balance in a manner that benefits District residents.
• Develop a plan for the future funding and use of reserve funds and ensure amounts reserved are reasonable.