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#1515993 --- 06/22/18 12:53 PM Geneva School Reserves Overfunded: NYS Audit
newsman38 Offline
Senior Member

Registered: 03/21/01
Posts: 4947
Loc: Fourth Estate
Geneva City School District - Reserves (2018M-51)


Audit Objective

  • Determine whether the Board reasonably and transparently financed reserves.


Key Findings

  • The Board has not adopted a reserve policy.
    The Board did not include provisions to fund reserves in its annual budgets.
    Seven reserves with balances totaling $9.4 million (72 percent of total reserves) are overfunded by $7.8 million and potentially unnecessary.

Key Recommendations

  • The Board should adopt a reserve policy.
    Appropriately budget to fund reserves.
    Determine if the amounts reserved are necessary, reasonable and in compliance with statutory requirements.


Released: June 22, 2018 -- [read complete report - pdf]
Local Government and School Accountability Contact Information:

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

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#1516901 --- 07/15/18 03:55 PM Re: Geneva School Reserves Overfunded: NYS Audit [Re: newsman38]
Tacitus Offline
Member

Registered: 03/23/15
Posts: 217
But, gee, if they act responsibly with reserves how will they be able to call the annual capital projects "free"? Wonder what the investment policy is - or is it just getting .04% as cash?

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