Report of Regents Audits/Budget and Finance Committee to The Board of Regents

The Regents Committee on Audits/Budget and Finance met as scheduled yesterday afternoon, December 16, 2013. The Chancellor, Regents Chapey, Dawson, Bendit, Phillips, Tallon, Tilles, and Brown were in attendance.

Items for Discussion

Completed Audits

The Committee was presented with thirteen audits this month. All of the audits were issued by the Office of the State Comptroller (OSC). Six of the audits were of school districts, three of charter schools, one was of a State Education Department function and three were of colleges.

The findings were in the areas of procurement, financial reporting, budgeting, payroll, capital assets, claims processing, cash, and tuition assistance program.

Tuition Assistance Program

The Committee was also briefed on the Tuition Assistance Program and the role of the Department in administering the program and implementing corrective actions related to OSC audits. The New York State Tuition Assistance Program (TAP) helps eligible New York residents pay tuition at approved schools in New York State. TAP is the largest of the student grant and scholarship programs administered by the Higher Education Services Corporation. Specifics on eligibility for students and programs of study are prescribed in the Regulations of the Commissioner of Education.

2013 Fiscal Report

Our Chief Financial Officer briefed the Members on the Fiscal Report for November. Extensive spending controls continue for all funds. General Fund spending reflects the amounts appropriated in the 2013-14 enacted budget. General Fund accounts are in structural balance with the exception of the Tenured Teacher Hearings (TTH) account. The 2013-14 budget includes a $6 million appropriation for TTH claims, an increase of $2.2 million from the prior year. With these additional funds, the deficit at the end of 2013-14 is projected to be $2.03 million. Special Revenue accounts are all in structural balance on a current year basis and the accumulated negative balance in the Cultural Education Account is being reduced by approximately $2.2 million.