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NYS Comptroller

THOMAS P. DiNAPOLI

Audits of Local Governments and School Districts

Report Highlights

Lakeland Central School District - Reserves Management (2019M-113)

Released: July 19, 2019 -- [read complete report - pdf]

Audit Objective

Determine whether the Board properly managed reserves.

Key Findings

  • The Board did not adopt written policies establishing the financial objectives, funding levels and conditions for use for the District’s reserves.
  • The District’s tax certiorari reserve balance could fund approximately eight years of claims.
  • The Business Official’s report of reserves did not comply with some requirements of the Board’s policy.

Key Recommendations

The Board should:

  • Adopt a written policy outlining the financial objectives, optimal funding levels and conditions for use for each reserve.
  • Perform an analysis of the tax certiorari reserve fund balance to determine proper funding levels.
  • Ensure the Business Official submits the report of reserves in compliance with all requirements of the Board’s policy.

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

Background

The Lakeland Central School District (District) serves the Towns of Yorktown, Cortlandt and Somers in Westchester County and the Towns of Carmel, Philipstown and Putnam Valley in Putnam County. A nine-member Board of Education (Board) is responsible for the general management 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 under the Board’s direction. The Business Official manages the Business Office and is responsible for running the day-to-day financial operations of the District and providing financial reports to the Board.

The District has four reserves: tax certiorari, capital, retirement contribution, and employee benefits and accrued liabilities.

Quick Facts
2018-19 Student Enrollment5,609
2018-19 General Fund Appropriations$166.6 million
Reserve Funds as of March 31, 2019$39.9 million

Audit Period

July 1, 2017 – March 31, 2019

We extended our scope back to July 1, 2013 to analyze trends.


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