Purpose of Audit

The purpose of our audit was to examine District officials’ management of the District’s financial condition for the period July 1, 2014 through October 13, 2015.

Background

The Newark Valley Central School District is located in the Towns of Maine and Nanticoke in Broome County, the Towns of Harford and Lapeer in Cortland County, the Town of Caroline in Tompkins County and the Towns of Berkshire, Candor, Newark Valley, Owego and Richford in Tioga County. The District, which operates three schools with approximately 1,250 students, is governed by an elected seven-member Board of Education. Budgeted appropriations for the 2015-16 fiscal year total approximately $24.7 million.

Key Finding

• The District’s long-term financial plan projects a deficit unrestricted fund balance by 2018-19.

Key Recommendations

• Use long-term projections as a financial planning tool to make informed decisions to avoid the projected deficit.