Judul : Auditors say Canaseraga School is holding on to excessive funds
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Auditors say Canaseraga School is holding on to excessive funds
Audit summary:The board overestimated appropriations by a total of $3.5 million over three years and annually appropriated an average of $357,000 of fund balance that was not used to finance operations. The district could not demonstrate a plan for the need for certain reserves that have not been used for three years. The district also has not adopted a comprehensive written reserve fund policy.
As of June 30, 2018, surplus fund balance totaled $365,000 and was 5 percent of 2018-19 appropriations, exceeding the 4 percent statutory limit by approximately $74,000 or 1 percentage point.
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