Issued Date
December 22, 2023
Audit Objective
Determine whether Saranac Central School District (District) officials developed and managed a comprehensive investment program.
Key Findings
District officials did not develop and manage a comprehensive investment program. During the 22-month audit period, the District had an average of $12.4 million in operating and debt service funds available for investing, and earned $154,099 in investment earnings. Had officials utilized their investment accounts more effectively, the District may have earned $356,452, or $202,353 more than the $154,099 of investment earnings during our audit period. Officials did not:
- Solicit interest rate quotes, and
- Prepare monthly cash flow forecasts to estimate funds available for investment.
Key Recommendations
- Prepare monthly cash flow forecasts that estimate the amount of funds available for investment.
- Consider all four objectives of a comprehensive investment program - legality, safety, liquidity and yield - when investing available funds.
District officials were given an opportunity to respond within 30 days in writing to our findings and recommendations but chose not to respond.