Purpose of Audit

The purpose of our audit was to assess the District’s financial condition for the period July 1, 2014 through June 30, 2015.

Background

The Madrid-Waddington Central School District is located in the Towns of Lisbon, Louisville, Madrid, Potsdam and Waddington in St. Lawrence County. The District, which operates one school with approximately 680 students, is governed by an elected nine-member Board of Education. Budgeted appropriations for the 2015-16 fiscal year total approximately $14.8 million.

Key Findings

• Adopt budgets with realistic estimates of anticipated expenditures and revenues.
• Determine the source of funds in the debt service fund and return to the general fund any amount that is not statutorily required to be in the debt service fund.

Key Recommendations

• Ensure the unassigned fund balance is in compliance with statutory limits.
• Develop a formal reserve fund policy that outlines targeted funding levels and the conditions under which the funds will be used.