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Schoharie Central School District finances receives positive audit

The independent public accounting firm of Marvin & Company CPAs recently completed its audit of the Schoharie Central School District finances for the school fiscal year that ended on June 30, 2017.

According to the report, "the financial foundation of the school district is solid, which shows the District to be in good stead for future school fiscal years. The five-year financial plan places the fiscal picture of the school district in good shape, assuming that the state aid trend continues as in recent years (state aid comprises 48% of the current revenue budget), and the major cost centers remain stable within current trends."

Looking at the district's current budget, the auditors praised Schoharie's Board of Education as being "careful with the allocation of scarce resources in recent difficult economic times. The budget was developed in compliance with the tax levy limitation requirement."

The report also found the district and board have been "extremely diligent" by saving money through various programs and controlling costs and praised district leaders for their responsible fiscal stewardship.

 "The finances are such that the District presently has the financial resources to meet its long-term debt obligations for the next several years, as well as to provide a sound basic education to its students. This solid fiscal and management capacity has been recognized by the bond rating agencies. The ratings are: Moody’s 'A1'; and Standard and Poor’s 'A+ Stable'."

A copy of the audit report is available for review in the Business Office or the office of the Clerk of the Board of Education from 8 a.m. to 4:30 p.m., Monday-Friday.

 

Download print-friendly copy of report

 

 

 

[11/2017

 

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