Purpose of Audit

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

Background

The Pulaski Academy and Central School District is located in the Towns of Richland, Sandy Creek and Albion in Oswego County. The District, which operates two schools with approximately 1,100 students, is governed by an elected seven-member Board of Education. Budgeted appropriations for the 2015-16 fiscal year total approximately $24.1 million.

Key Findings

• The Board consistently overestimated appropriations in the adopted budgets.
• The Employee Benefit Accrued Liability Reserve (EBALR) was overfunded by $1.39 million.

Key Recommendations

• Develop realistic estimates of appropriations and the use of fund balance in annual budgets.
• Ensure that reserve fund balances are maintained at reasonable levels and take appropriate action, in accordance with statute, to reduce excess funds in the EBALR.