Purpose of Audit

The purpose of our audit was to evaluate the District’s financial condition for the period July 1, 2012 through January 13, 2014.

Background

The Walton Central School District is located in the Towns of Walton, Franklin, Hamden, Masonville, Sidney and Tompkins in Delaware County. The District is governed by an elected seven-member Board of Education and operates two schools with approximately 1,025 students. Budgeted appropriations for the 2013-14 fiscal year totaled approximately $20 million.

Key Findings

• The District’s unassigned fund balance declined by about 94 percent from 2010-13, and officials appropriated about $552,000 of fund balance for 2014-15.
• The Board has not prepared and implemented a comprehensive multiyear financial plan based on reasonable estimates that project future revenues and expenditures.

Key Recommendations

• Carefully consider the amount of fund balance appropriated to fund future budgets.
• Develop a comprehensive multiyear financial plan and update it annually.