New York State Comptroller Thomas P. DiNapoli today announced the following school district audit was issued.
School district officials did not maximize interest earnings. During the audit period, the district’s interest earnings totaled $72,555, but the district could have earned another $367,963 if officials invested available funds in a financial institution that offered higher interest rates. Business officials did not develop and manage a comprehensive investment program or comply with the district’s board of education’s investment policy. District officials should solicit interest rate quotes to maximize interest earnings and prepare monthly cash flow forecasts.
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