Purpose of Audit

The purpose of our audit was to examine the District’s financial condition for the period July 1, 2013 through June 30, 2015.

Background

The Cornwall Central School District is located in Orange County in the Villages and Town of Cornwall and Cornwall-on-Hudson, and a portion of the Villages of Woodbury, Highland Mills and New Windsor. The District operates five schools, with approximately 3,200 students. The District is governed by an elected nine-member Board of Education. The District’s budgeted appropriations for the 2014-15 fiscal year were $65,043,619 million.

Key Finding

• The Board has relied on appropriated fund balance as a financing source in the annual budgets, which reduced the District's unrestricted, unappropriated funds during that period.

Key Recommendation

• District officials should closely monitor the level of unrestricted fund balance to stay within the maximum allowable by law, while continuing to evaluate and explore ways to reduce expenditures.