State audit critical of Lakeland school district’s reserves management

ALBANY – An audit by the State Comptroller’s Office has found fault with the Lakeland Central School District’s management of reserves.

The district serves the towns of Yorktown, Cortlandt, Somers in Westchester County and the towns of Carmel, Philipstown and Putnam Valley in Putnam County.

The audit found the school board did not adopt written policies establishing the financial objectives, funding levels and conditions for use for the district’s reserves. It also said the district’s tax certiorari reserve balance could fund approximately eight years of claims and that the business official’s report of reserves did not comply with some requirements of the board’s policy.

The state auditors said the school board should adopt written policy outlining the financial objectives, optimal funding levels and conditions for use of each reserve; that it should perform an analysis of the tax certiorari reserve fund balance to determine proper funding levels; and ensure the business official submits the report of reserves in compliance with all requirements of the board’s policy.

District officials generally agreed with the recommendations of the report and said they will take corrective action.

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