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NYS Comptroller

THOMAS P. DiNAPOLI

Audits of Local Governments and School Districts

Mexico Academy Central School District –Financial Management (2016M-219)


Released: September 9, 2016 -- [read complete report - pdf]

Purpose of Audit

The purpose of our audit was to determine if District officials effectively managed the District’s finances for the period July 1, 2014 through April 5, 2016.

Background

The Mexico Academy Central School District is located in the Towns of Hastings, Mexico, New Haven, Palermo, Parish, Richland, Scriba and Volney, Oswego County. The District, which operates five schools with approximately 2,000 students, is governed by an elected seven-member Board of Education. The District’s budgeted appropriations for the 2015-16 fiscal year were $54.2 million.

Key Findings

  • Based on the new terms of the nuclear power plant’s payment in lieu of taxes agreement, the District will receive approximately $18 million in payments over the next five years compared to the $63 million received over the previous five years.
  • Based on our projections, at the conclusion of the 2019-20 fiscal year, the selected reserves and unassigned fund balance will be depleted if projected expenditure growth is not curtailed.

Key Recommendations

  • Maintain District expenditures at reasonable levels and incrementally reduce them over several budget cycles to gradually align with ongoing revenue estimates.
  • Use reserve funds as intended, and fund balance when needed, to balance the budget with the understanding that these budgetary revenue sources are finite.

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