For the first time ever, the New Rochelle Board of Education has released a full copy of the Internal Auditors Report.
The highlights of the report are that the revenues so far his year are about $217.2mm and expenditures are $219.8mm. Expenditures have exceeded Revenue by $2.6mm. The fund balance was $18.3mm at the beginning of the year; it has been reduced by $2.6mm and currently stands at $15.6mm. Of the remaining $15.6mm, most of it has been designated for refunding tax certioraris ($6.1mm) and reducing the impact on raising the property tax ($3.9mm), leaving just $5.0 in undesignated funds. Under New York State law, the district can keep no more than 4% of the total budget in reserve which comes out to be roughly $9mm so the reserve is currently about half the legal limit.
We are going to circulate the report (links below) and ask readers who are interested to go through it and provide any feedback. A few of us are going to try to get together in the coming days and hope to have a more detailed analysis ready before the beginning of the upcoming budget cycle.
There is one main document and 2 smaller ones:
CSNDR Auditor Report (June 30, 2009)
Financial Statement and Supplementary Information (PDF, 104 pages)
Extraclassroom Activity Funds (PDF, 6 pages)
Internal Control Matters Identified in the Audit (PDF, 9 pages)
The report, prepared by accountants at O’Connor Davies Munns & Dobbins, was provided to me today by the District Clerk. I want to thank the folks up at the UPS Store in Wykagyl helping me get these documents online.
I suppose if we do not toot our own horn no one will but I believe that our championing the cause of greater transparency and openness by our local government played no small part in this significant change in policy. Whether it did or not, kudos to the school board and especially BoE President Sara Richmond for authorizing the release of information that for the first time provides residents access to information critical to understanding soon-to-be-released 2010-11 school budget which will be voted on this coming May. Safe to say the release of this report represents a a sea change in district policy and is VERY welcome.