The Business Office oversees the advancement of educational equity by ensuring that all students have equitable access to the highest quality educational opportunities, including coursework, services, and supports which prepare them for success in college, career and as global citizens. This is accomplished through comprehensive long-range strategic planning, alignment of the educational, financial, and capital aspects of District operations, and continuous improvement of management systems and structures.
This office is responsible for budget development and implementation, capital project planning, accounting, purchasing, accounts payable, payroll and the operations of Facilities, Food Service and Transportation.
June 30, 2020 Audited Financial Statements
Dear School Community,
First, I hope this communication finds you and your families healthy and safe.
I am pleased to share good news regarding the outcome of our annual audit and the issuance of our financial statements for fiscal year 2019-2020. Once again, the external auditors reported no deficiencies or weaknesses in our internal controls over the District’s financial processes. We continue to provide the oversight, controls, and effective practices which guarantee that our financial resources are allocated appropriately in support of our strategic goals for academic programming, equitable access to instructional materials and opportunities, and to ensure effective organizational systems and structures are in place.
The South Orangetown Central School District’s sound fiscal policy, strong financial controls and practices, along with our continued commitment to our students’ academic success and social-emotional well-being, enabled the District to address impacts associated with the COVID-19 pandemic while remaining steadfast in our commitment to provide an exceptional educational program for our students.
Following are key highlights pertaining to the District’s strong financial position:
- The Board of Education and District Administration continue to use our long-range planning process to strategically ensure our District is financially stable for the long term. This has allowed us to maximize our fund balance dollars that can be used to offset any potential negative impacts to our financial plan (i.e. decreases in State Aid, unexpected emergencies, uncontrollable cost increases) and protect high-quality program and opportunities for students.
- Due to our financial performance, we were able to maintain the maximum 4% unassigned fund balance as allowed by Law for the 2019-2020 fiscal year.
- The District replenished our reserve balances established for various legal purposes. Our reserves are another avenue that may be used to offset increased expense in the current year’s operating budget. · Total assets are four (4) times greater than our total liabilities.
Due to a new accounting requirement GASB 75 (Government Accounting Standards Board), the District now must record the full amount of the post-employment benefits (OPEB) liability in one year. The earlier requirement GASB 45 (Government Accounting Standards Board) required school districts to spread the full amount of this liability across many years (i.e. 30 years). As a result, our 2019-2020 financial statements reflect a negative net position. Many school districts are experiencing the same impact to their net positions. Please know that the negative net position in no manner affects our actual operating financial plan, nor our credit rating with credit agencies like Moody’s. The District’s net position decreased by $11,574,718 over fiscal year 2018-2019, primarily due to changes in actuarial calculations and an increase in the healthcare cost trend rate used to determine our liability among other factors.
Please click the link below to view the audit and financial statements; page 18 best reflects our strong financial performance. Should you have any questions, please call the Office of Finance and Management Services at (845) 680-1005. Thank you for your continued support and I look forward to our continued partnership.
Alicia D. Koster
Executive Director of Finance and Management Services
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