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NYS Comptroller

THOMAS P. DiNAPOLI

Audits of Local Governments and School Districts

Report Highlights

Genesee Valley Central School District - Financial Management (2019M-231)

Released: February 21, 2020 -- [read complete report - pdf]

Audit Objective

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

Key Findings

  • The Board overestimated appropriations by a total of $2.7 million from 2016-17 through 2018-19 and annually appropriated $225,000 of fund balance that was not used to finance operations.
  • As of June 30, 2019, surplus fund balance totaled over $1 million and was 6 percent of 2019-20 appropriations, exceeding the statutory limit by approximately $354,000 or 2 percentage points.
  • The District’s written reserve fund policy was not comprehensive and three reserves with balances totaling $1.3 million were generally not being used.

Key Recommendations

  • Adopt budgets that include reasonable estimates for appropriations and the amount of fund balance that will be used to fund operations.
  • Reduce surplus fund balance to comply with the statutory limit and use the excess funds in a manner more beneficial to taxpayers.
  • Adopt a comprehensive written reserve fund policy, including plans for the use of reserves in accordance with applicable statutes.

District officials generally agreed with our findings and recommendations and indicated that they plan to take corrective action.

Background

The Genesee Valley Central School District (District) serves the Towns of Allen, Amity, Angelica, Belfast, Birdsall, Friendship, Ward and West Almond in Allegany County.

The seven-member Board of Education (Board) is responsible for managing and controlling the District’s financial and educational affairs. The Superintendent of Schools (Superintendent) is responsible for the District’s day-to-day management under the Board’s direction. The Business Official oversees the Business Office and maintains financial records. The Board, Superintendent and Business Official are responsible for developing and monitoring the budget.

Quick Facts
Enrollment536
Employees150
2019-20 Appropriations$17.2 million

Audit Period

July 1, 2016 – October 18, 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