YORKTOWN, N.Y. - An independent audit presented at the Oct. 19 Board of Education meeting paints a stable fiscal picture for the Yorktown Central School District.
Raymond G. Preusser, who conducted the audit, commended the school board and administrators for presenting “reasonable and fair” budgets to the voters. Typically, school districts are expected to expend between 94 and 97 percent of what is budgeted, Preusser said. The Yorktown school district expended 96 percent of its 2014-15 budget and 98 percent the year before.
“Overall, financially, you’re in a very sound position at this point,” Preusser said at the board meeting. “Going forward, you probably can weather a lot of storms over the next few years without affecting your educational programs.”
The only negative mark Preusser gave the district was for carrying too much money in its reserves. For example, Preusser said, the district has $8.1 million in its Employee Retirement System (ERS) reserve fund, when it should only have about $6.8 million.
“You just can’t put money in reserves,” Preusser said. “A lot of school districts put money in the reserves and it just sits. The comptroller’s office doesn’t like that. You’ve got to explain why you put it there.”
One option the district has is to reallocate its resources by establishing even more reserve funds for things such as repairs, unemployment or workers’ compensation, Preusser said. Trustee Michael Magnani said he and the district’s Financial Advisory Committee will discuss Preusser’s recommendations at its next meeting in January. After the committee meets, Preusser will return before the school board to discuss a plan for the reserves.