Purpose of Audit

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

Background

The Greater Amsterdam School District is located in the City of Amsterdam, the Town of Amsterdam and portions of the Towns of Florida and Mohawk in Montgomery County; a portion of the Town of Perth in Fulton County; portions of the Towns of Duanesburg and Glenville in Schenectady County; and a portion of the Town of Charlton in Saratoga County. The District, which operates six schools with approximately 3,800 students, is governed by an elected seven-member Board of Education. Budgeted appropriations for the 2015-16 fiscal year totaled approximately $65 million.

Key Findings

• Unassigned fund balance exceeded the 4 percent legal limit at the end of the 2013-14 and 2014-15 fiscal years.
• The District did not develop a multiyear financial plan to manage its fund balance and reserves.

Key Recommendations

• Maintain levels of general fund unrestricted fund balance within statutory limits and reduce the amount of excess fund balance in a manner than benefits District residents.
• Develop a comprehensive multiyear financial plan to establish objectives for funding long-term needs.