Read the Frequently Asked Questions on GASB 75 & OPEB. | Accounting and Financial Reporting for Other Postemployment Benefits as Required by GASB Statement 75

Local officials are statutorily required to file certain financial reports annually with the Office of the State Comptroller (OSC). While most local governments file within required timeframes, some do not. A relatively small number of local governments are severely delinquent—failing to file for three or more years—which calls into question the financial standing of the locality as well as the effectiveness of the management of the local government in general.

The following report highlights the very difficult fiscal environment under which local officials are expected to fulfill their obligations to the people they serve, as well as outlining the significant steps OSC is taking to assist in these efforts. | NYS Local Government Interactive Data

Statewide, foreclosure filings fell by 46 percent between 2013 and 2018. Foreclosure rates are highest in the Long Island and the Mid- Hudson regions. Only four counties— Clinton, Putnam, Rockland, and Suffolk— have a foreclosure rate over 1 percent. Other stakeholders are pursuing efforts to reduce harm to local governments and communities caused by “zombie properties.”

New York’s school districts are responsible for one of the most important functions of government – educating children from kindergarten through 12th grade. Each district must navigate a complex set of State rules and local needs and determine how to fund its programs using a mix of local property taxes and State and federal aid sources. This report provides regional analysis of certain financial and demographic data for New York’s school districts outside of New York City.

This booklet has been prepared to familiarize you with the audit process and provide insight into the key stages of its development, from the earliest stages to the final report. It describes what auditors look for and their professional auditing standards. The booklet is intended only to highlight some of the significant elements of the audit.

Across the State, growing medicaid costs continue to place significant pressure on local fiscal conditions. See related: 2006 County by County data [pdf]

Many school districts throughout the state have made considerable improvements to their financial controls over the last year. There are still opportunities for school districts to improve financial operations, and we continue to find occasional instances of serious problems and potential fraud. This report identifies additional opportunities for school districts to improve controls over information technology, employee benefit payments, claims auditing, no-bid contracts, capital assets and segregating duties.

New Yorkers spend tens of billions of dollars on education each year. After three years of auditing how school districts manage their finances, we have seen dramatic progress. In 2007, OSC issued 257 audits of schools. As part of our audit effort, we highlight the best practices of the school districts that are well managed so that others around the state can learn from them. For those needing more assistance, our audits also offer practical recommendations to help schools operate more effectively and efficiently.

Reflecting the turmoil on Wall Street and in the national and global economies, New York State’s budget shortfalls continue to worsen. Clearly, we are in very difficult fiscal times. By acting early, controlling spending and avoiding tempting budgetary gimmicks, state and local leaders can continue to deliver vital services now, while ensuring sound financial operations in the future. School district officials should find the information in this report useful as they consider ways to improve their own operations.