Purpose of Audit

The purpose of our budget review was to determine whether the significant revenue and expenditure projections in the District’s tentative budget for the 2014-15 fiscal year are reasonable.

Background

The Fabius-Pompey Central School District, located in Onondaga County, issued debt totaling $1.5 million to liquidate the accumulated deficit in the District’s general fund as of June 30, 2006. 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 that the significant revenue and expenditure projections in the proposed budget are reasonable.
• The District’s proposed budget currently includes a tax levy that slightly exceeds the statutory limit.

Key Recommendation

• Be mindful of the legal requirement to maintain the tax levy increase to no more than the tax levy limit as permitted by law, unless 60 percent of District voters approve the District’s budget.