Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the District Finance topic
No spam. Unsubscribe anytime.
Independent auditor gives Syosset schools positive fiscal report; low interest on tax anticipation note noted
Summary
Cullen & Danowski auditor Jill Sanders reported the district is in good financial condition, has adequate internal controls, and obtained a very low interest rate on a tax anticipation note.
Jill Sanders of independent accounting firm Cullen & Danowski delivered the district’s annual audit findings to the Syosset Central School District Board of Education and reported a positive opinion on the district’s financial condition and internal controls.
Sanders told the board the audit for the year ending June 30, 2020 showed the district in “good financial condition” with “a very good set of internal controls.” She said the district’s fiscal standing helped it secure favorable borrowing: a short-term tax anticipation note on approximately $27 million carried an interest rate Sanders corrected on the record to 0.1398 percent. Sanders also said the unassigned fund balance equaled 4 percent of the subsequent year’s budget, the maximum permitted under state real property tax law, and that district reserves were in compliance with general municipal and education law.
Sanders praised district staff, singling out Dr. Ruffo, Mrs. Williams and the business office for their work maintaining controls and assisting the audit. The board thanked the auditor and district administration for the report.
