WCS Receives Top Audit
Waterville Central School District received the highest level possible in its recent external audit.
Tricia Lucas, CPA with D’Arcangelo and Co., gave a review of the audit at last week’s WCS Board of Education meeting. The audit covered the 2021-22 school year.
Lucas said WCS received an unmodified opinion, which is the highest level. The District has received that ranking for the last several years.
In her review Lucas said the District has $2.1 million in unrestricted funds. That is up $900,000 from the previous year, and the District added to three reserve accounts for specific expenses as well.
One of those accounts has enough in it to pay for three to five years of expenses; Lucas said they recommend no more than up to three years.
The District’s fund balance, or savings, is at $1.8 million, which is about 9.5 percent of this year’s budget of just under $20 million.
Lucas said that percentage was high and they recommend it be at 4 percent of the budget. She said there is a pattern of districts being over 4 percent in their fund balance from last year.
What added to the fund balance was the District’s ability to use $921,000 in federal recovery money, she said. Overall there were no deficiencies and no areas of non-compliance.
As happens annually, the District received a notice of deficiency of having insufficient controls…