Purpose of Audit

The purpose of our audit was to assess the District’s financial condition for the period July 1, 2012 through October 31, 2015.

Background

The Willsboro Central School District is located in the Towns of Chesterfield, Essex, Lewis, Westport and Willsboro in Essex County. The District, which operates one school with approximately 275 students, is governed by an elected five-member Board of Education. Budgeted appropriations for the 2015-16 fiscal year total approximately $8.2 million.

Key Findings

• The District overestimated appropriations in the adopted budgets by more than 10 percent over the past three years.
• The District has accumulated fund balance that exceeds the statutory limit by nearly 12 percentage points.
• District officials did not develop a multiyear financial plan.

Key Recommendations

• Adopt budgets that include realistic estimates for appropriations.
• Ensure that the District’s unrestricted fund balance is in compliance with statutory limits and reduce the amount of unrestricted fund balance in a manner than benefits District residents.
• Develop a multiyear financial plan and monitor and update it on an ongoing basis.