Purpose of Audit

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

Background

The Raquette Lake Union Free School District is located in the Towns of Arietta and Long Lake in Hamilton County and is governed by an elected five-member Board of Education. The District operates no schools and has two students for whom it pays tuition to attend a neighboring school district. Budgeted appropriations for the 2015-16 fiscal year totaled $261,308.

Key Findings

• The Board did not receive monthly budget status reports.
• Revenues, expenditures and balance sheet accounts reported on the financial reports did not agree with the accounting records.
• The Board appropriated more fund balance than was available in each of the last three budgets.

Key Recommendations

• Ensure that all required reports, including quarterly budget status reports, are provided to the Board.
• Ensure that accounting records are accurate and up to date.
• Use the most accurate estimates of fund balance available when preparing the annual budget.