Audit shows improved net position; board discusses $20 million capital‑reserve referendum
Loading...
Summary
Auditors issued a clean opinion on district financials; net position improved from a $53 million deficit to $45 million negative. Board reviewed a five‑year financial outlook and discussed a potential May 2026 referendum to fund a $20 million capital reserve (illustrative: $2 million/year for 10 years) prioritizing HVAC and safety projects.
The Cohoes City School District presented its annual financial statements at the Dec. 10 board meeting and said the audit was performed under Governmental Accounting Standards Board (GASB) standards with an unmodified opinion.
Administrators reported the district’s net position improved to a $45 million negative from $53 million negative the prior year, largely driven by changes to the OPEB accounting and compensated absences related to changes in accounting standards. The district noted ERS and TRS retirement liabilities and an OPAB liability that remain unfunded.
The audit disclosed two findings for extra‑classroom activity accounting (balance/excess greater than 4% and an audit adjustment related to a late‑June bond) and three recommendations: improve cash‑receipts reconciliation, timeliness of deposits and separation of duties for internal controls.
Board and staff then reviewed a five‑year long‑range financial plan (2025 actuals; 2026 budget; 2027–29 projections) used to model taxes, state aid assumptions and capital funding. Administrators proposed an illustrative referendum to establish and fund a capital reserve at roughly $2 million per year for 10 years ($20 million total) with an aim to fund about $10 million by 2027 to start HVAC and priority safety/cafeteria projects. Staff framed assumptions conservatively (0% state‑aid growth in 2027, gradual tax assumptions thereafter) and said the district will pursue efficiencies from an ongoing HVAC audit and competitive bidding for transportation and other contracts.
No final referendum action was taken; the board discussed next steps including a facilities committee meeting to prioritize projects and further refine cost estimates before presenting a referendum question to voters.
