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NYS Comptroller

THOMAS P. DiNAPOLI

Audits of Local Governments and School Districts

Elmira City School District – Financial Management (2011M-196)


Released: March 30, 2012 -- [read complete report - pdf]

Purpose of Audit

The purpose of our audit was to assess the District's financial management for the period July 1, 2006, to June 30, 2011.

Background

The Elmira City School District is located in the City and Town of Elmira, Chemung County. The District is governed by the Board of Education which comprises nine elected members. The District's operating expenditures for the 2010-11 fiscal year were $116.4 million for the general fund, which were funded primarily with State aid, real property taxes, and grants.

Key Findings

  • Due to significant reductions in Federal and State aid, the District exhausted its unrestricted fund balance during the 2010-11 fiscal year and ended the year with a deficit of ($629,700). We found that the District included more realistic estimates of revenues and appropriations in the 2011-12 budget than in prior years, and used some reserves to help fund operations. This should result in the fund balance being restored to a positive amount by the end of the 2011-12 fiscal year.
  • At June 30, 2011 the District had $2.9 million in excess reserve funds that can be used to help finance the District's operations and offset any unexpected fluctuations in revenues and expenditures.

Key Recommendations

  • Closely monitor the District's 2011-12 budget by regularly determining if expected revenues are being achieved, if planned appropriations are being used as anticipated, and if moneys used from reserve funds is appropriate.
  • Review all reserves and determine if the amounts reserved are necessary, reasonable and in compliance with statutory requirements.

Local Government and School Accountability Contact Information:

Phone: (518) 474-4037; Email: localgov@osc.state.ny.us
Address: Office of the State Comptroller, Division of Local Government and School Accountability
110 State Street, 12th Floor; Albany, NY 12236