Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Audit topic
No spam. Unsubscribe anytime.
Auditor gives Lake Placid Central clean opinion but flags fund balance far above New York's 4% guideline
Summary
Telling & Associates presented a clean audit of the Lake Placid Central School District's 2024 financial statements but noted the district's unrestricted fund balance measured 22.8%, well above the 4% New York guideline; the board accepted the report and discussed plans to draw the balance down to stabilize taxes.
Telling & Associates CPA Kyle Busiere presented the Lake Placid Central School District's fiscal 2024 financial statements to the board on Nov. 19 and said the auditors issued a clean opinion on both the financial statements and single-audit compliance.
"We did not notice any issues that we needed to disclose to the board at all," Kyle Busiere said, describing routine testing of payroll, disbursements, journal entries and federal-award expenditures. He told the board the district's governmental funds show roughly $10,900,000 in assets, about $1,500,000 in liabilities and a combined fund balance approaching $9,400,000, and reported governmental funds increased by $233,000 for the year.
Why it matters: the audit also identified a statutory concern under New York law. Busiere read the report's finding that "New York state real property tax law requires school districts to maintain their unrestricted fund balance at or below 4% of the ensuing year's appropriations," and noted Lake Placid's unrestricted balance measured 22.8%.
Busiere said the district spent roughly $1,063,000 in federal awards during the year, a level that triggered the single-audit compliance review; the auditors found no compliance exceptions in federal-award spending and issued a clean compliance opinion. He warned the board that keeping unrestricted balances above the statutory benchmark for extended periods can draw scrutiny from state officials.
Superintendent Tim told the board the district has taken a conservative fiscal approach while state aid remains uncertain and plans to use portions of the fund balance in future budgets to provide stability for taxpayers. "We have plans as to how to spend it down," Tim said, describing prior-year uses and budgeted draws (the district budgeted $1,000,000 last year and planned $860,000 this year). He also noted the state is finalizing a new aid formula expected in December and January, which could affect planning.
Board action: after the presentation the board moved to accept the external financial report prepared by Telling & Associates; the motion passed on the board's vote.
What's next: auditors said that, absent significant changes in federal funds, the single-audit requirement will likely recur next year and recommended continued attention to accounting controls and reserve management. The district will monitor the state aid formula and report back as new information becomes available.
