Purpose of Audit

The purpose of our audit was to evaluate the District’s financial condition for the period July 1, 2010 through June 30, 2015.

Background

The Greenwood Lake Union Free School District is located in the Town of Warwick in Orange County. The District, which operates two schools with approximately 870 students, is governed by an elected seven-member Board of Education. General fund appropriations for the 2015-16 fiscal year were approximately $25 million.

Key Finding

• Due to the District’s practice of overestimating appropriations, it has experienced a cumulative operating surplus of almost $2.5 million for the five-year period.

Key Recommendation

• Develop realistic estimates of appropriations and the use of fund balance in the annual budget.