Dryden Central School District was recently audited by the state comptroller’s officer over issues with long-term cash management.
According to the report, district officials have not developed a comprehensive investment program, and also failed to seek out competitive interest rates which led to a potential short-changing of nearly $400k over two years.
State auditors analyzed data from July 1, 2018 to January 31, 2020 and calculated $246,431 worth of interest collected by the district.
If other available investment options been used, the district could have earned an additional $614,606 in interest, according to the comptroller.
Key recommendations included preparing monthly cash flow forecasts to estimate available funds for investment.
The district was also urged to solicit interest rate quotes and obtain information to ensure available funds are invested to maximize earnings within legal limits.
They generally agreed and indicated they planned to initiate corrective action.