Purpose of Budget Review

The purpose of our budget review was to determine whether the significant revenue and expenditure projections in the District’s tentative budgets for the 2015-16 fiscal year are reasonable.

Background

The Chenango Valley Central School District, located in Broome County, issued debt totaling $3.5 million to liquidate the accumulated deficit in the District’s general fund and food service fund as of June 30, 2008. 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 budgets are reasonable.

• The District’s proposed budget complies with the property tax levy limit.

Key Recommendations

• There are no recommendations for this report.