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NYS Comptroller


Audits of Local Governments and School Districts

Panama Central School District – Financial Management (2016M-271)

Released: December 2, 2016 -- [read complete report - pdf]

Purpose of Audit

The purpose of our audit was to review the District’s financial management practices for the period July 1, 2012 through July 19, 2016.


The Panama Central School District is located in the Towns of Busti, Harmony, North Harmony and Sherman in Chautauqua County. The District, which operates one school with approximately 500 students, is governed by an elected seven-member Board of Education. Appropriations for the 2015-16 fiscal year totaled approximately $12.8 million.

Key Finding

  • The Board and District officials retained excessive levels of fund balance above the statutory limit.

Key Recommendation

  • Ensure that unrestricted fund balance complies with the statutory limit and develop a plan to use the surplus funds to benefit residents.

Local Government and School Accountability Contact Information:

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