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NYS Comptroller

THOMAS P. DiNAPOLI

Audits of Local Governments and School Districts

Odessa-Montour Central School District – Financial Condition (2016M-71)


Released: July 15, 2016 -- [read complete report - pdf]

Purpose of Audit

The purpose of our audit was to examine the District’s financial condition for the period July 1, 2012 through February 2, 2016.

Background

The Odessa-Montour Central School District is located in the Towns of Catherine, Cayuta, Dix, Hector and Montour in Schuyler County; the Towns of Van Etten and Veteran in Chemung County; and the Town of Enfield in Tompkins County. The District, which operates three schools with approximately 750 students, is governed by an elected seven-member Board of Education. Budgeted appropriations for the 2015-16 fiscal year totaled approximately $15.5 million.

Key Findings

  • The Board and District officials overestimated general fund appropriations when preparing and adopting budgets.
  • The District’s unrestricted fund balance exceeded the statutory limit.
  • The District does not have a policy or formal plan for its six reserves.
  • The District did not develop and adopt an adequate multiyear plan that includes specific estimates for revenues, expenditures, reserves and use of debt service funds and fund balance.

Key Recommendations

  • Adopt budgets that represent the District’s actual needs, based on available current information and historical data.
  • Reduce the amount of unrestricted fund balance and use the excess funds in a manner that benefits District residents.
  • Adopt a comprehensive reserve policy.
  • Develop a multiyear financial plan to estimate the future costs of ongoing services based on past trends and the Board’s priorities and goals.

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