Purpose of Audit

The purpose of our audit was to determine whether the Board and District management developed realistic budgets and adequately managed the District's financial condition for the period July 1, 2014 through June 30, 2017.

Background

The Clifton-Fine Central School District is located in the Towns of Clifton, Fine, Pitcairn and Russell in St. Lawrence County. The District, which is governed by an elected seven-member Board of Education, has approximately 300 students. Budgeted appropriations for the 2016-17 fiscal year totaled approximately $10.4 million.

Key Findings

• Each year, the Board appropriated over $1 million more in fund balance than was needed to finance the budget.
• The District has retained over $425,000 in the debt service fund and has not used the fund to pay off the related debt.
• The District has not developed a multiyear financial plan to address its financial condition.

Key Recommendations

• Develop realistic estimates of appropriations and the use of fund balance in the annual budget.
• Use money in the debt service fund to pay related debt service expenditures.
• Develop and adopt a multiyear financial plan.