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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: 234
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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#1518934 --- 08/11/18 04:49 PM Re: Geneva School Reserves Overfunded: NYS Audit [Re: newsman38]
Tacitus Offline
Member

Registered: 03/23/15
Posts: 234
Is there a way to force the BOE to adopt a policy on reserves so we can see some lower tax rates?

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#1518940 --- 08/13/18 05:33 AM Re: Geneva School Reserves Overfunded: NYS Audit [Re: Tacitus]
DR. D Offline
Senior Member

Registered: 07/25/03
Posts: 6467
Loc: Waterloo/Seneca Falls/Junius/T...
To my understanding reserve amounts were voted on by the tax payer if over X amount. The districts can have several different reserves, like one for building repairs, one for tech, one for books, its when they don't USE the money and it just sits there collecting dust you get an issue. To answer the question, No you cannot spend the book reserves on lowering taxes.

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#1518941 --- 08/13/18 07:11 AM Re: Geneva School Reserves Overfunded: NYS Audit [Re: newsman38]
Tacitus Offline
Member

Registered: 03/23/15
Posts: 234
No, but you can allocate the reserves to current expenditures, which would allow you to charge less in the future. And, no, we never voted to add to reserves, and since there is no policy regarding reserves, they are just piling up. So today's taxpayers are funding potential liabilities that may not occur while they are still taxpayers.

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#1518942 --- 08/13/18 08:37 AM Re: Geneva School Reserves Overfunded: NYS Audit [Re: newsman38]
764379255223 Offline
Member

Registered: 03/02/11
Posts: 85
Loc: Ontario County
Is this the 1st time the BOE has known that there has to be a policy?? Me thinks not!!!!!!!!!!!!!!!!!!!

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#1518944 --- 08/13/18 10:34 AM Re: Geneva School Reserves Overfunded: NYS Audit [Re: Tacitus]
DR. D Offline
Senior Member

Registered: 07/25/03
Posts: 6467
Loc: Waterloo/Seneca Falls/Junius/T...
You most certainly voted on a reserve account in recent times, for transportation.

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#1518946 --- 08/13/18 05:19 PM Re: Geneva School Reserves Overfunded: NYS Audit [Re: newsman38]
764379255223 Offline
Member

Registered: 03/02/11
Posts: 85
Loc: Ontario County
Dr. D Whether we voted on a reserve account or not has absolutely nothing to do with having a policy in place!!!!!!!!!!!

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#1518985 --- 08/14/18 08:54 PM Re: Geneva School Reserves Overfunded: NYS Audit [Re: 764379255223]
DR. D Offline
Senior Member

Registered: 07/25/03
Posts: 6467
Loc: Waterloo/Seneca Falls/Junius/T...
just responding to a statement that's all. If you want answers on your districts reserve amounts just ask them, then FOIL it when they tell you no.

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#1518990 --- 08/15/18 02:35 AM Re: Geneva School Reserves Overfunded: NYS Audit [Re: newsman38]
The Mechanic Offline
Senior Member

Registered: 05/24/11
Posts: 1173
Loc: NY
The BOE are nothing but thieves.
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Trump for 2020! And the Trump Derangement Syndrome continues.

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#1518995 --- 08/15/18 05:00 AM Re: Geneva School Reserves Overfunded: NYS Audit [Re: newsman38]
Tacitus Offline
Member

Registered: 03/23/15
Posts: 234
We don't need to ask, we have the report thanks to Newsman. The question for BOE members is, what are they going to do about it? Not being legally required to have a policy seems like a pretty thin defense against the State Comptroller's charges.

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#1519005 --- 08/15/18 09:55 AM Re: Geneva School Reserves Overfunded: NYS Audit [Re: Tacitus]
DR. D Offline
Senior Member

Registered: 07/25/03
Posts: 6467
Loc: Waterloo/Seneca Falls/Junius/T...
My bad your right, I didn't read above.

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#1519008 --- 08/15/18 12:58 PM Re: Geneva School Reserves Overfunded: NYS Audit [Re: newsman38]
Tacitus Offline
Member

Registered: 03/23/15
Posts: 234
OF course no FLT coverage.

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#1519032 --- 08/16/18 11:44 AM Re: Geneva School Reserves Overfunded: NYS Audit [Re: Tacitus]
Timbo Offline
Silver Member

Registered: 07/18/12
Posts: 14295
Loc: CNY

I don't suppose it's ever occurred to you to contact either Alan Brignall (news editor) or Mike Cutillo (managing editor).

Contact information can be found on page 3A, every day.

The phone number is (315) 789-3333.

You're welcome.
_________________________
Everyone's entitled to their own opinions, but not their own facts.

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#1519065 --- 08/17/18 08:31 AM Re: Geneva School Reserves Overfunded: NYS Audit [Re: newsman38]
Tacitus Offline
Member

Registered: 03/23/15
Posts: 234
Actually I did contact them, with no response, over a week ago. I wouldn't have posted the previous remark if I hadn't made that effort, you're welcome.

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#1519120 --- 08/18/18 10:26 AM Re: Geneva School Reserves Overfunded: NYS Audit [Re: Tacitus]
Timbo Offline
Silver Member

Registered: 07/18/12
Posts: 14295
Loc: CNY

With whom did you speak? eMail, phone, brick thrown through window?
_________________________
Everyone's entitled to their own opinions, but not their own facts.

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#1519138 --- 08/18/18 04:37 PM Re: Geneva School Reserves Overfunded: NYS Audit [Re: newsman38]
Tacitus Offline
Member

Registered: 03/23/15
Posts: 234
I made contact by email. I sent the link to the Comptroller's report. Get over it, they're not interested.

OR they are working on a 5 County documentary of ALL of the school districts and their spendthrift habits. Which do you think is more likely?

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#1519148 --- 08/18/18 09:22 PM Re: Geneva School Reserves Overfunded: NYS Audit [Re: Tacitus]
Timbo Offline
Silver Member

Registered: 07/18/12
Posts: 14295
Loc: CNY
Originally Posted By: Tacitus
I made contact by email. I sent the link to the Comptroller's report. Get over it, they're not interested.

OR they are working on a 5 County documentary of ALL of the school districts and their spendthrift habits. Which do you think is more likely?

Did you put your name and contact information on it? Did you mail it to "opinion@fltimes.com"? and bear in mind that the editors get hundreds of eMails each week.

Considering that fact, you may want to give them a chance to respond accordingly, since this is obviously only one of many important issues that they have to concern themselves with... respectfully.

I do not work for them, nor do I have a dog in the race.

Good luck and looking forward to hearing the results of your inquiry.
_________________________
Everyone's entitled to their own opinions, but not their own facts.

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#1519183 --- 08/23/18 12:42 PM Re: Geneva School Reserves Overfunded: NYS Audit [Re: Timbo]
Timbo Offline
Silver Member

Registered: 07/18/12
Posts: 14295
Loc: CNY

What... no reply, Tacitus? I guess it's far easier to merely vent your spleen than to actually defend anonomous ad hominem attacks on some internet forum. I should expect no less (or no more) from one who uses the screen name "Tacitus".

Well played, good sir.
crazy
_________________________
Everyone's entitled to their own opinions, but not their own facts.

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#1519184 --- 08/23/18 01:29 PM Re: Geneva School Reserves Overfunded: NYS Audit [Re: newsman38]
Tacitus Offline
Member

Registered: 03/23/15
Posts: 234
I have pursued the inquiry to my satisfaction. If that doesn't meet your standards, by all means continue on your own, Timmy.

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#1519186 --- 08/23/18 01:56 PM Re: Geneva School Reserves Overfunded: NYS Audit [Re: Tacitus]
Timbo Offline
Silver Member

Registered: 07/18/12
Posts: 14295
Loc: CNY
Originally Posted By: Tacitus
I have pursued the inquiry to my satisfaction. If that doesn't meet your standards, by all means continue on your own, Timmy.

It has nothing to do with me, my satisfaction or any other lame dodge that you're attempting. It has to do with you taking cheap shots at someone or something without defending your suggestion that they somehow weren't doing their job while simultaneously being guilty of precisely that which you accuse them of. Commonly referred to as blatantly transparent hypocrisy.

Got it, Tacky?

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Everyone's entitled to their own opinions, but not their own facts.

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