Committee Report | March 2011

Report of

REGENTS COMMITTEE ON AUDITS/BUDGET AND FINANCE

to

The Board of Regents

March 7, 2011

The Regents Committee on Audits/Budget and Finance met as scheduled on February 7, 2011.  Vice Chair Bendit, Regents Brooks-Hopkins, Phillips, Tallon, and Young were in attendance.

Chair’s Remarks:  Regent Chapey welcomed everyone.  I reminded all, that as of March 30, 2011 the Committee will formally be established as a full committee of the Board of Regents. This will brink together budget issues as well as issues identified through the many audits we review. Accountability is enhanced by the work of the Committee.  

Items for Discussion
February  2011 Fiscal Report

Your Committee reviewed the fiscal report. Our Chief Operating Officer briefed the Committee members on the fiscal report. Concerns remain in the areas of Assessment Costs, Teacher Tenure hearings, Summer School of the Arts and GED. There was a slight change in the fiscal report related to the GED program.

Completed Audits

The Committee was presented with 20 audits this month. The audits included 3 audits issued by the Office of Audit Services (OAS), 15 audits issued by the Office of the State Comptroller (OSC), 1 by the United States Department of Education and I by the New York City Comptroller. The members were briefed on the audits of Developmental Disabilities Institute, as well as the Kiryas Joel, Wyandanch and Beekmantown Union Free School Districts.  The audits identified the need for recovery of funds and improved accounting and budgeting practices. OAS will continue to monitor trends requiring the attention of the Committee.   

That concludes our report.

Chair, Geraldine Chapey

Vice Chair Charles Bendit