ALEXANDRIA BAY, N.Y. (WWNY) - Officials in the Alexandria Central School District need to develop and adopt realistic budgets, a long-term financial plan, and a comprehensive reserve fund policy.
Those are the findings of an audit of district finances by the state Comptroller’s office.
Auditors criticized the district for not adopting reasonable budgets and adequately managing financial condition during the period for which they were audited.
The audit says the district budgeted more money than it spent for 2016-17 and 2018-19 by 6.4 percent and didn’t need to use most of the savings it appropriated for the budget.
The district also had more savings for three fiscal years than the 4 percent the state allows, auditors said. As of June 2019, the surplus fund balance, as it’s called, was 12.8 percent of the next year’s budget.
District officials say they mostly agree with audit’s findings and are implementing changes.