Purpose of Audit

The purpose of our budget review was to determine whether the significant revenue and expenditure estimates in the District’s proposed budget for the 2013-14 fiscal year are reasonable.

Background

Monroe-Woodbury Central School District (District) issued debt totaling $6 million to liquidate the accumulated deficit in the District’s general fund as of June 30, 2003. Local Finance Law requires all local governments that have been authorized to issue obligations to fund operating deficits to submit their tentative budgets for the next fiscal year to the State Comptroller for review while the deficit obligations are outstanding.

Key Findings

• Based on the results of our review, we found the significant revenue and expenditure estimates in the District’s proposed budget to be reasonable.
• The District’s proposed budget complies with the property tax levy limit set by statute.

Key Recommendation

• When adopting the 2013-14 budget, be mindful of the legal requirement to maintain the tax levy increase to no more than the calculated limit, unless 60 percent of District residents vote to exceed this statutory limit.