Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Manhasset board reviews audit, auditors recommend moving excess debt-service funds to capital reserve
Summary
Auditors told the Manhasset Union Free School District board that monies sitting in a debt service fund were earmarked for future bond principal and interest tied to capital projects, that the district used short-term BAN financing while awaiting state approvals, and recommended moving excess funds into the capital reserve within statutory limits.
The Manhasset Union Free School District board on Monday reviewed the district udited financial statements for the year ending June 30, 2025, and discussed monies currently held in a debt service fund.
An auditor explained that ‘‘you do have what we call a debt service fund, and that money is earmarked for future debt service payments,’’ and that the district, after voter approval of capital projects in 2023, had been advised to use short-term BANs while awaiting State Education Department approvals. The…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
