Waterford-Halfmoon Union Free School District - Financial Management (2017M-243)

Issued Date
June 15, 2018

[read complete report - pdf]

Audit Objective

Determine whether the Board properly managed District finances by adopting realistic budgets.

Key Findings

  • The Board overestimated appropriations by an average of nearly $2.8 million annually from 2014-15 through 2016-17, which resulted in appropriated fund balance not being used.
  • The 2015-16 unrestricted fund balance exceeded statutory limitations.

Key Recommendations

  • Adopt budgets that include realistic estimates for expenditures.
  • Develop a plan for the use of excess unrestricted fund balance in the general fund.

District officials generally agreed with our recommendations and have initiated, or indicated they planned to initiate, corrective action.