At the Board of Education business meeting held on Oct. 20, Marianne Van Duyne from R.S. Abrams & Co., LLP presented the district’s audit report. She noted that the district had a good financial year with the ability to increase its total fund balance by $1.1 million. In contrast, the district was operating at a deficit of approximately $1.2 million the prior year and in the current year, the district saw a surplus of $1 million. Furthermore, the district was able to increase its unassigned fund balance from 1.92 percent of the district’s annual budget to 3.6 percent, funds that can be used for emergency purposes or for potential revenue shortfalls.

Ms. Duyne noted that the district has very strong financial controls in place and while her firm made several recommendations for improvement, the district is already implementing the suggestions. “Overall, the district had a positive result with the audit, both with internal controls and with its financial position,” said Ms. Duyne.

The district expects to see a change in its rating from the Office of Comptroller’s Fiscal Stress Monitoring.  The district was designated “Moderate Fiscal Stress” in 2016. With the increase in fund balance and decrease in deficit, the district anticipates the rating to be upgraded to “Susceptible Fiscal Stress” for 2017.