The Waterville Central School District finds themselves with a good problem to solve.
During last week’s special meeting to hear the review of the annual audit by Tricia Lucas of D’Arcangelo & Co., WCS Board of Education members heard that the District’s surplus - savings account - is higher than allowed by New York state.
The state allows a school district to set aside 4 percent of its budget in funding without a purpose. For WCS, that is about $800,000.
However, Waterville’s is at 13 percent, or an additional $1.3 million for the extra 9 percent.
Even with that, Lucas said WCS earned an unmodified opinion, which is the highest ranking that can be given. She said that federal recovery funds used instead of general funds accounted for some of the unspent fund balance.
The school lunch program ran about $21,000 into a deficit and there were no instances of non-compliance. Financial statements lined up with books and ...
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