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NYS Comptroller

THOMAS P. DiNAPOLI

Audits of Local Governments and School Districts

Report Highlights

Madison Central School District - Reserves and Debt Service Fund (2019M-63)

Released: June 7, 2019 -- [read complete report - pdf]

Audit Objective

Determine whether reserve funds and the debt service fund balance were reasonable.

Key Findings

  • The Board did not adopt a written reserve fund policy.
  • Three reserve funds totaling $1.3 million as of June 30, 2018, were overfunded.
  • The approximately $1 million balance in the debt service fund was not used towards the $2.8 million in debt payments made by the District during the three-year audit period.

Key Recommendations

  • Adopt a comprehensive written reserve fund policy.
  • Review all reserves and determine if the amounts are necessary, reasonable and in compliance with statutes. To the extent they are not, transfers should be made to unrestricted fund balance as allowed by law, or to other reserves per statutes.
  • Use money in the debt service fund to pay related debt service expenditures.

District officials agreed with our findings and indicated they plan to initiate corrective action.

Background

The Madison Central School District (District) serves the Towns of Eaton, Madison and Stockbridge in Madison County and the Towns of Augusta, Marshall and Vernon in Oneida County. The District is governed by the Board of Education (Board), which is composed of seven elected members. 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 under the Board’s direction.

Quick Facts
Employees144
Enrollment461
2017-18 General Fund Appropriations$10,083,581
Total Reserve Funds as of June 30, 2018$1,365,059
Debt Service Fund as of June 30, 2018$1,044,728

Audit Period

July 1, 2015 – June 30, 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