WCS Earns Top Audit

Waterville Central School District again received the top ranking in its annual audit by an outside firm.

Tricia Lucas from D’Arcangelo and Co. reviewed the audit by her firm at last week’s WCS Board of Education meeting.

Lucas said new government standard changed the definition of major funds. Three of Waterville’s, including debt service and the lunch fund, are now considered non-major.

“You have an unmodified opinion,” Lucas said, “which is the highest level. It’s a nice clean audit.’’

Lucas said even though D’Arcangelo has done the District’s audit for several years, she has to approach the review with skepticism.

“Your audit has no issues,’’ she said.

Lucas said WCS has two main revenue streams: property taxes and funding from the state and federal governments.

The government funding accounts for 60 percent of the District’s revenue.

Employee costs and programs for students with special needs are both becoming costly, she said.

Those two areas cannot have reserve accounts set up to balance off future costs.

WCS does have a reserve fund for Capital projects. Going into this year it contains $2 million with a cap of $10 million.

Waterville’s fund balance—unallocated savings—is at 9 percent, or $2.5 million.

The State advises a maximum of 4 percent.

A separate audit looked at the money brought in from extra curricular student groups.

Last year those groups combined to take in $70,000 and spent that amount. Lucas went over the one area the audit notes every year.

The Point Of Sale—when students or others take in money—cannot be verified for auditing purposes.

Board members President Steve Stanton and Pete Casatelli thanked administrators for their efforts to keep expenses at a consistent rate.

Board members received thanks for their service from Superintendent Zach Abbe and the Waterville Teachers Association in recognition of National School Board Week.

The Junior-Senior High Student Council attended and brought coffee ...