For the first time ever, the New Rochelle Board of Education has released a full copy of the Internal Auditors Report.
The highlights of the report are that the revenues so far his year are about $217.2mm and expenditures are $219.8mm. Expenditures have exceeded Revenue by $2.6mm. The fund balance was $18.3mm at the beginning of the year; it has been reduced by $2.6mm and currently stands at $15.6mm. Of the remaining $15.6mm, most of it has been designated for refunding tax certioraris ($6.1mm) and reducing the impact on raising the property tax ($3.9mm), leaving just $5.0 in undesignated funds. Under New York State law, the district can keep no more than 4% of the total budget in reserve which comes out to be roughly $9mm so the reserve is currently about half the legal limit.
We are going to circulate the report (links below) and ask readers who are interested to go through it and provide any feedback. A few of us are going to try to get together in the coming days and hope to have a more detailed analysis ready before the beginning of the upcoming budget cycle.
There is one main document and 2 smaller ones: