Office of the Deputy Superintendent

Business Office Staff Facilities and Transportation
   

Ann Vaccaro-Teich, CPA

Deputy Superintendent
845-680-1005
avt@socsd.org

 

"Our focus is to be efficient and effective in order to provide support for our educational program while being fiscally responsible and accountable to the taxpayers of our community."

 

Moody’s Investors Service Gives SOCSD Aa2 Rating

Moody's Investors Service has assigned a very positive Aa2 rating to South Orangetown Central School District's $3.8 million School District Serial Bonds, Series 2011A. Proceeds from this issue, which is secured by the district's general obligation unlimited tax pledge, will be used to finance roof resurfacing in the district’s buildings. Dedicated General Fund reserves of $5 million will also be used to fund the project. The Aa2 rating incorporates the district's large tax base, minimal debt burden, and healthy financial position with satisfactory reserve levels. A major financial benefit to this rating is the ability the district will have to borrow money, if necessary, at a better rate. This rating comes at an economic time when other public entities are being routinely downgraded. This is a reflection of the consistent and durable financial management that has become fundamental to the South Orangetown CSD.

The South Orangetown Central School District maintains a satisfactory financial position marked by strong budget control and adequate reserves. The recent passage, by new York State, of the 2% property tax cap, will take effect in the 2013 fiscal year, and creates a challenge that will necessitate even greater expenditure control.

 

Budget
Line by Line 2011-12 Proposed Budget

Independent Auditors’ Report
Each year the District is required to have an Independent Audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States.

June 30, 2011 Financial Report
 

Community Finance Advisory Council/Audit Committee

Finance Council Purpose:  The Finance Council will operate in an advisory capacity with the primary purpose of understanding and being well informed regarding the finances of the District.  In addition, the council will review and discuss a variety of topics related to school finances in order to lend multiple perspectives on how the District is financially supporting its educational program.

Participants:  Liaison from the Board of Education, Deputy Superintendent and Members of the Financial Community.    
Lonnie Jacobs, Mike Reilly, Robert Uhl, Rich Di Loreto, John Mathew, Kevin Cunningham, Dan Lamadrid, Diane Wenke and Ann Vaccaro-Teich.

Some of the topics would include: 

  • Understanding municipal government and its laws and regulations

  • Budget:  topics can include specific components of the budget with different departments presenting the council, communication of budget, etc.

  • Financial Projections

  • Financial Audit Reports

  • State Aid

  • Tax rate

  • Internal controls and procedures

  • Investments

  • Borrowing/cash flow 

Audit Committee: 

Audit Committee Purpose:  To comply with Chapter 263 of the laws of 2005, “The Five-Point Plan”. 

Every school district, except those employing fewer than eight teachers, shall establish by a resolution of the board of education an audit committee to oversee and report to the board on the annual audit of the district records.  The audit committee shall be established by January 1, 2006 as a committee of the board or an advisory committee or as a committee of the whole. 

On July 6, 2005, the South Orangetown Central School District’s Board of Education established an audit committee, which is comprised of members of the board of education as well as community members who have financial, auditing and accounting experience. 

Role of the Committee:  The role of the audit committee shall be advisory and any recommendations it provides shall not substitute for any required review and acceptance by the board of education and acceptance by the trustee or board of education: 

It shall be the responsibility of the audit committee to:

  • Provide recommendations regarding the appointment of the external auditor
  • Meet with the external auditor prior to commencement of the audit
  • Review and discuss with the external auditor any risk assessment of the district’s financial operations
  • Receive and review the draft annual audit report and accompanying draft management letter and, working directly with the external auditor, assist the trustee or board of education in interpreting such documents
  • Make a recommendation to the trustees or board of education on accepting the annual audit report
  • Review every corrective action plan to be developed by a school district as require by this article and assist the trustees or board of education in the implementation of such plan
  • Assist in the oversight of the internal audit function including, but not limited to:
     
    • Providing recommendations regarding the appointment of the internal auditor for the school district
    • The review of significant findings and recommendations of the internal auditor
    • Monitoring the school district’s implementation of such recommendations
    • The evaluation of the performance of the internal audit function

The audit committee may conduct an executive session (on limited matters).  Any trustee or member of the board of education who is not a member of such audit committee may be allowed to attend and audit committee meeting if authorized by a resolution of the trustee or board of education. 

The commissioner may promulgate regulations with respect to audit committees.

Participants:  Mike Reilly, Lonnie Jacobs, Kevin Cunningham, Dan Lamadrid and John Mathew.

Audit Committee Charter

South Orangetown CSD Audit Committee/Finance Council Calendar Meeting 2011-2012

Meeting Dates (All meetings begin at 6:30pm unless otherwise noted)

Committee

Agenda
Monday, September 19, 2011
Meeting will begin at 6:00pm
 Minutes
 		 Audit Committee
Finance Council

Planning Meeting for 2011/12

Update on 11/12 Tax Rate & 10/11 Financial Summary
Monday, September 26, 2011
Minutes		 Audit Committee
Finance Council		 External Audit Report for year ended 6/30/11
Monday, October 24, 2011 Finance Council Update on Facilities, Capital Projects by Phil Scala

Update on Transportation by AVT, Tax Cap levy presentation
Monday, December 12, 2011
Minutes

 

 Audit Committee
Finance Council		 Presentation of Risk Assessment and selection of audit area by Internal Auditor
Monday, January 23, 2012
Minutes		 Audit Committee
Finance Council		 Interviews with candidates for Audit Committee vacancy
Monday, February 13 Audit Committee
Finance Council		 Presentation by Director of Technology

Presentation by Director of Facilities (Five Year Plan)
Monday, March 12, 2012
Meeting will begin at 6:00pm		 Finance Council 2012-2013 Budget Overview and Review
Monday, April 16, 2012 Audit Committee
Finance Council		 Review 2012/13 Internal, External, and Claims Auditors’ Engagement Letters

Review of Audit Plan for June 30, 2012 with External Auditor
Monday, May 21, 2012 Audit Committee
Finance Council		 Internal Audit Report on Selected Audit Area

The Office of the State Comptroller oversees the fiscal affairs of school districts statewide. Periodically, the Comptroller will conduct an audit of a district to ensure that they are complying with accepted statutes and observing good business practices. An audit of the South Orange Central School District was conducted in 2008. The Comptroller’s final report and the District’s Corrective Action Plan are above.

State Comptroller's Audit
 Comptroller's Final Report
 Corrective Action Plan