Purpose of Audit

The purpose of our audit was to examine the District’s financial management practices for the period of July 1, 2009 through November 22, 2013.

Background

The Iroquois Central School District is located in the Towns of Aurora, Elma, Lancaster, Marilla and Wales in Erie County and the Town of Bennington in Wyoming County. The District is governed by an elected seven-member Board of Education and operates six schools, with approximately 2,900 students. Budgeted appropriations for the 2013-14 fiscal year total approximately $44 million.

Key Findings

• The Board and District officials overestimated expenditures by a total of $21.3 million and underestimated revenues by a total of $2.3 million during the last four completed fiscal years.
• The District has approximately $2 million in excess reserve fund moneys.

Key Recommendations

• Develop realistic revenue, expenditure and fund balance estimates for the annual budget.
• Ensure that all reserves and established and maintained in compliance with the District’s reserve fund policy and statutory requirements and are reasonably funded.