Purpose of Audit

The purpose of our audit was to examine the District’s financial condition for the period July 1, 2011, to April 30, 2013.

Background

The Islip Union Free School District is located in the Town of Islip in Suffolk County. The District is governed by the Board of Education which comprises five elected members. The District’s budgeted expenditures for the 2012-13 fiscal year were approximately $70.6 million.

Key Finding

• Overall, we found that school officials adequately monitored the District’s financial operations to ensure fiscal stability. We found that the District adopted budgets that allowed the unexpended surplus fund balance to remain relatively stable over the last few years and that the District had adequate unexpended surplus funds to support planned deficits for the 2010-11 and 2011–12 fiscal years. The Assistant Superintendent for Business actively monitors available unexpended surplus funds to ensure that the balance is maintained below the 4 percent cap required by law.

Key Recommendation

• There are no recommendations for this report.