The annual audit of finances by an outside firm of the Waterville Central School District found no issues or matters that need addressing.
Zachary Woodard of D’Arcangelo and Co. attended last week’s WCS Board of Education meeting to summarize the audit conducted by his company. Waterville received an unmodified opinion, which is the highest form of assurance that can be given those who do business with the district, Woodard said.
The audit, for the 2020-21 year, showed a decrease in expenses, Woodward said. That came from a decrease in positions and services due to the impact of Covid-19, he said.
A year ago the district’s fund balance was below the state recommended 4 percent at 1.9 percent.
Because of the low fund balance, the district did not use any savings to balance this year’s budget as had been done the three previous years. That, in addition to the small amount that could be raised under the state tax formula - $5,300 - resulted in a $19 million budget supported by a super majority of voters to override the tax cap for a 3 percent increase on the tax levy.
The audit showed Waterville’s fund balance - its money not designated for anything specific - is at 9.8 percent, or around $2 million.
“You did a great job in keeping expenses where they needed to be,’’ Woodard said. “Waterville is doing well compared to other schools in the area.’’
Woodard said the internal controls on student clubs was very good, and no corrective actions were recommended for the district.
Business Administrator Tracy Leone made some recommendations, which Board members can approve at a future meeting, for how to redirect some of the fund balance for specific district costs. Two of those are the retirement costs for teachers and other employees, and…