Skip to Content

Login   Subscribe   Site Index   Contact Us   Google Translate™

NYS Comptroller

THOMAS P. DiNAPOLI

Audits of Local Governments and School Districts

Report Highlights

Hoosic Valley Central School District - Financial Management (2018M-238)

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

Audit Objective

Determine whether District officials effectively managed the District’s financial condition.

Key Findings

  • The Board overestimated appropriations, which exceeded expenditures by an average of $2.1 million or 11.3 percent annually, or a cumulative total of more than $6.3 million or 11.3 percent from 2015-16 through 2017-18.
  • The District’s recalculated unrestricted fund balance ranged between 8.7 and 11.1 percent of ensuing years’ appropriations, exceeding the 4 percent statutory limit.
  • Four reserves were overfunded.

Key Recommendations

  • Develop realistic appropriations and only appropriate fund balance that will actually be used to fund operations.
  • Use surplus funds in a manner that benefits District taxpayers, such as funding one-time expenditures and/or necessary reserves and reducing property taxes.
  • Review all reserves to determine whether balances are necessary and reasonable and use excess amounts in accordance with applicable statutes and in a manner that benefits taxpayers.

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

Background

The Hoosic Valley Central School District (District) serves the Towns of Pittstown and Schaghticoke in Rensselaer County and the Towns of Cambridge and Easton in Washington County.

The elected seven-member Board of Education (Board) is responsible for the general management and control of the District’s financial and educational affairs. The School Superintendent (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 School Business Administrator (Business Administrator) oversees the business office and maintains financial records. The Board, Superintendent and Business Administrator are responsible for developing the budget.

Quick Facts
Enrollment879
Reserves as of June 30, 2018$7,944,089
2017-18 Expenditures$19,100,613
2018-19 Appropriations$21,541,352

Audit Period

July 1, 2015 – July 31, 2018


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