Purpose of Audit

The purpose of our audit was to review the District’s financial condition for the period July 1, 2012 through February 29, 2016.

Background

The Greenburgh-Graham Union Free School District is located in the Town of Greenburgh in Westchester County. The District, which operates two schools with approximately 335 students, is governed by an appointed eight-member Board of Education. Budgeted appropriations for the 2015-16 fiscal year totaled approximately $19.7 million.

Key Finding

• Because the Board issued revenue anticipation notes when the District did not need funding, the District incurred interest expenditures and other fees that could have been used to fund other District needs.

Key Recommendation

• Issue RANs only when the District needs to improve short-term cash flow.