Did the Tully Board of Education and district officials effectively manage the district’s finances by ensuring that budget estimates and fund balances were reasonable?
That was the question as auditors from the New York State Comptroller’s Office examined the Tully School District’s financial records for the period July 1, 2014 through December 31, 2015. The scope period was extended back to July 1, 2012 to analyze financial trends.
Among the Comptroller’s findings:
- The board and officials overestimated expenditures by approximately $4.1 million and underestimated revenues by approximately $900,000 from 2012-13 through 2014-15, which generated more than $5 million in operating surpluses.
- As a result, approximately $2.6 million of appropriated fund balance was not used to finance operations.
- In addition, three general fund reserves with balances totaling over $2.9 million as of June 30, 2015 were overfunded or potentially unnecessary.
The District responded by agreeing with the findings and by outlining how the concerns will be corrected.