Purpose of Audit

The purpose of our audit was to evaluate the District’s financial management for the period July 1, 2014 through January 4, 2016.

Background

The North Rose-Wolcott Central School District is located in the Towns of Butler, Huron, Lyons, Rose, Savannah, Sodus and Wolcott in Wayne County. The District, which operates three schools with approximately 1,200 students, is governed by an elected seven-member Board of Education. Budgeted general fund appropriations for the 2015-16 fiscal year were approximately $26.6 million.

Key Findings

• There is no written plan that details the appropriate and necessary levels for reserve funds and prescribes how the reserve fund balances are to be monitored, analyzed and maintained.
• District officials have not developed formal, written multiyear financial or capital plans.

Key Recommendations

• Adopt a comprehensive reserve fund plan that addresses the purpose, accumulation and use of reserve funds.
• Develop and adopt a sustainable multiyear financial and capital plan for a three- to five- year period, and make appropriate adjustments to address any ongoing economic or environmental factors.