Purpose of Audit

The purpose of our audit was to review the District’s financial condition for the period July 1, 2014 through September 10, 2015.

Background

The Pleasantville Union Free School District is located in the Village of Pleasantville in Westchester County. The District, which operates three schools with approximately 1,750 students, is governed by an elected five-member Board of Education. Budgeted appropriations for the 2015-16 fiscal year total approximately $49 million.

Key Findings

• The Board adopted budgets from 2010-11 through 2014-15 that overestimated appropriations and that appropriated fund balance that was not used to fund operations.
• The District has not established a reserve fund policy stating how much would be set aside in each reserve, how each reserve would be funded or when each reserve would be used.
• Two of the District’s reserves were not used effectively because related expenditures were funded from general fund budgeted appropriations.

Key Recommendations

• Develop realistic estimates of appropriations and the use of fund balance in the annual budget.
• Establish reserve fund policies that identify a clear intent or plan regarding the future purpose, use and replenishment of funds, when appropriate.