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NYS Comptroller

THOMAS P. DiNAPOLI

Audits of Local Governments and School Districts

Report Highlights

Glens Falls Common School District - Cash Management (2019M-177)

Released: November 15, 2019 -- [read complete report - pdf]

Audit Objective

Determine if District officials maximized interest earnings.

Key Findings

  • District officials did not develop and manage a comprehensive investment program to ensure interest earnings were maximized.
  • Had officials invested available funds in a financial institution with higher available interest rates, interest earnings could have been increased by $45,330 during the audit period.

Key Recommendations

  • Ensure available funds are invested, within legal limits, to maximize interest earnings.
  • Prepare monthly cash flow forecasts that estimate available funds for investment.

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

Background

The Glens Falls Common School District (District) serves a portion of the residents of the City of Glens Falls in Warren County. The three-member elected Board of Education (Board) is responsible for the general management and control of financial and educational affairs.

The District Superintendent serves as the chief executive officer and is responsible, along with other administrative staff, for the day-to-day management of the District under the direction of the Board.

The District has funds on deposit at one financial institution. Bank accounts are maintained for operating funds, grant proceeds, employee withholdings for benefits and payroll taxes.

Quick Facts
Enrollment157
2018-19 Adopted Appropriations$4.77 million
Interest Earnings During Audit Period$3,072

Audit Period

July 1, 2017 - June 30, 2019


Local Government and School Accountability Contact Information:

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