ALBANY – A state audit
of the Eldred Central School District found that the school board relied
on unrestricted fund balance to fund recurring expenditures.
The state comptroller’s audit said as of June 30, 2017, the district’s
unrestricted fund balance was less than 0.5 percent of 2018 appropriations.
The auditors said the school district should establish a multi-year financial
plan that seeks to fund recurring expenditures with recurring revenue.
The audit also found the school lunch program relies heavily on general
fund subsidies and loans. As of June 30, 2017, the lunch program fund
owed the general fund over $100,000 that it may not be able to pay back.
The state recommended implementing cost savings and revenue enhancements
for the school lunch fund to be less reliant on the general fund for subsidies
and loans.
District officials agreed with the audit recommendations and indicated
they planned to take corrective action.
The school district employs 86 people, has an enrollment 570 students
and a general fund budget of $17.2 million.
