Purpose of Budget Review

The purpose of our audit was to review the District's financial management practices for the period July 1, 2015 through November 8, 2016.

Background

The Sherburne-Earlville Central School District is located in 11 towns in Chenango and Madison Counties. The District, which operates three schools with approximately 1,300 students, is governed by an elected seven-member Board of Education. Budgeted appropriations for the 2016-17 fiscal year total approximately $33.3 million.

Key Finding

• The District's unrestricted fund balance for the 2013-14, 2014-15 and 2015-16 fiscal years exceeded the statutory maximum of 4 percent of the ensuing year’s appropriations.

Key Recommendation

• Develop a plan to reduce the amount of available fund balance in a manner that benefits District residents.