Committee Report | October 2011

Report of

REGENTS COMMITTEE ON AUDITS/BUDGET AND FINANCE

to

The Board of Regents

October 18, 2011

The Regents Committee on Audits/Budget and Finance met as scheduled on October 17, 2011.  Vice Chair Bendit, Chancellor Tisch, Vice Chancellor Cofield, Regents Tilles, Phillips, Tallon, Young, and Jackson were in attendance.

Chair’s Remarks:  Regent Chapey welcomed everyone.  She reiterated the role of the Committee in assisting the Board of Regents in its role in the reform efforts.

Items for Discussion

September 2011 Fiscal Report


Your Committee reviewed the fiscal report.  Our Executive Deputy Commissioner briefed the Committee members on the status of Department accounts with deficit.  Finances have been stabilized although concerns remain with assessment, teacher tenure hearing, and cultural education accounts.  In addition, information on the status of potential Department workforce reduction was provided.

Completed Audits

The Committee was presented with 10 audits this month.  The audits included two audits issued by the Office of Audit Services (OAS), six by the Office of the State Comptroller (OSC) and two issued by the Office of the New York City Comptroller.  Audit staff briefed the Committee on the audit of the East Ramapo Central School District.  Among the audits findings were weaknesses in the area of procurement, payroll, information technology controls, budgeting practices, and the level of fund balance.  OAS will continue to monitor trends requiring the attention of the Committee.