State Education Department
Oversight of School
Management and Investment Programs (Follow-Up Review)
districts in New York maintain cash balances of $1 million or
more during the year. In our
prior audit report 94-S-35, we examined the State Education
Department's oversight of the
districts' cash management practices and concluded that this
oversight could be more effective
if the Department had more information about cash management
activities at the districts. We
also identified opportunities for significant improvements in the
investment programs of some
of the districts we visited. In our follow-up review, we found
that actions have been taken to
implement some of the recommendations contained in our prior
recommendations requiring Department staff to visit the districts
have not been implemented,
due to reductions in Department staff. We suggest that
alternative actions be considered to
address the weaknesses identified in our prior audit.
For a complete copy of Report 96-F-6 click here.
For a copy of the 90-day response click here.