Monday, November 28, 2016

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Port Jervis school district criticized for financial planning decisions

PORT JERVIS – The Port Jervis City School District’s unrestricted fund balance exceeded statutory limits during the five-year period 2011-12 through 2015-16, a state audit of the school district’s financial condition found.

The comptroller’s office report also found that annual fund balance appropriations were not used because budgets resulted in operating surpluses and that the reserve policy does not state how each reserve will be funded, when reserves will be used or how much will be maintained in each reserve.

Auditors recommended that surplus fund balance be used as a financing source for funding one-time expenditures, funding needed reserves or reducing property taxes.

They also said the district should adopt budgets that represent the district’s actual needs and discontinue the practice of appropriating fund balance that will not be used to fund operations.

The district should also establish reserve fund policies that identify a clear intend or plan regarding the purpose, use and replenishment of funds, when appropriate, the audit report said.


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