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NEWS from the Office of the New York State Comptroller
Contact: Press Office 518-474-4015

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State Comptroller DiNapoli Releases School District Audit

February 3, 2021

New York State Comptroller Thomas P. DiNapoli today announced the following school district audit was issued.

Groton Central School District – Cash Management (Cayuga County, Cortland County and Tompkins County)

School district officials did not maximize interest earnings. During the audit period, the district’s interest earnings totaled $72,555, but the district could have earned another $367,963 if officials invested available funds in a financial institution that offered higher interest rates. Business officials did not develop and manage a comprehensive investment program or comply with the district’s board of education’s investment policy. District officials should solicit interest rate quotes to maximize interest earnings and prepare monthly cash flow forecasts.


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