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District audit update: revenues above budget, fund-balance restatement expected
Summary
District staff reported preliminary audit results showing roughly $81.3 million in revenues—about $3.6 million over budget—driven by stop-loss payments, higher interest earnings and excess-cost aid; auditors recommended a $300,000-plus receivable reclassification that will require a fund-balance restatement and final adjustments will be presented publicly Sept. 3.
Unidentified Speaker (S4), a district staff member presenting the external audit update, told the Amherst Central School District board the audit is in its third week and the figures shown are preliminary but converging on final numbers. "We are in week 3 of our audit, and it's going very well," the presenter said.
The presenter gave a preliminary revenue figure of about $81,300,000, saying that was "about 3 and a half or $3,600,000 over budget." She named three main drivers of the variance: stop-loss payments ("about 1,000,000 dollars more than we had planned"), higher interest earnings…
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