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NYS Comptroller


Audits of Local Governments and School Districts

Report Highlights

Cassadaga Valley Central School District - Financial Management (2018M-110)

Released: August 31, 2018 -- [read complete report - pdf]

Audit Objective

Determine whether the Board and District officials properly managed fund balance and reserves.

Key Findings

  • Appropriations were overestimated by $3.2 million over a three-year period.
  • Unrestricted fund balance exceeded the statutory limit by more than $950,000, or five percentage points, as of June 30, 2017.
  • Three reserves totaling $3 million were overfunded.

Key Recommendations

  • Adopt budgets that include reasonable estimates for appropriations and use of appropriated fund balance.
  • Reduce the unrestricted fund balance to within the statutory limit and use excess funds to fund onetime expenditures and needed reserves or reduce property taxes.
  • Adopt a more comprehensive reserve policy and review reserves to determine whether the balances are necessary and reasonable.

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


Cassadaga Valley Central School District (District) serves the Towns of Arkwright, Charlotte, Cherry Creek, Ellery, Ellicott, Ellington, Gerry, Pomfret and Stockton in Chautauqua County. The District is governed by an elected fivemember Board of Education (Board).

The Board is responsible for the general management and control of the District’s financial and educational affairs. The Superintendent of Schools (Superintendent) is the District’s chief executive officer and is responsible, along with other administrative staff, for the District’s day-to-day management. The District’s Business Administrator1 oversees the business office and maintains financial records. The Board, Superintendent and Administrator are responsible for developing the budget.

Quick Facts
Enrollmenta 809
2017-18 Budget $21.1 million
a as of Janury 19, 2018

Audit Period

July 1, 2014 through May 22, 2018. We extended our scope period back to June 1998 to determine when reserves were established.

1 Appointed February 26, 2018

Local Government and School Accountability Contact Information:

Phone: (518) 474-4037; Email:
Address: Office of the State Comptroller, Division of Local Government and School Accountability
110 State Street, 12th Floor; Albany, NY 12236