Purpose of Audit

The purpose of our audit was to review the District’s general fund balance and reserves for the period July 1, 2014 through July 31, 2015.

Background

The Remsen Central School District is located in the Towns of Remsen, Steuben, Trenton, Boonville and Forestport in Oneida County and the Towns of Ohio and Russia in Herkimer County. The District, which operates two schools with approximately 460 students, is governed by an elected five-member Board of Education. Budgeted appropriations for the 2015-16 fiscal year total approximately $11 million.

Key Findings

• The District’s fund balance exceeded legal limits for all three fiscal years we reviewed.
• District officials have not created multiyear financial or capital plans.
• The Board has not established any formal policy for funding and using reserves.

Key Recommendations

• Ensure that the amount of the District’s fund balance is in compliance with statutory limits and reduce the amount of excess fund balance in a manner that benefits District residents.
• Develop and implement comprehensive multiyear financial and capital plans.
• Develop comprehensive policies for establishing and using reserve funds.