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

Your Committee on Audits/Budget and Finance had its scheduled meeting on June 11, 2018.  Regent Josephine Finn, Chair of the Audits/Budget and Finance Committee, submitted the following written report. In attendance were committee members: Regent Finn, Chair, Regents Collins, Mead, and Young.

Regents, in addition to Audits/Budget Committee Members, in attendance were: Chancellor Rosa, Vice Chancellor Brown, Regents Cea, Chin, Collins, Cottrell, Hakanson, Johnson, Mead, Mittler, Ouderkirk, Reyes, Tilles, and Young as well as, Commissioner Elia and Executive Deputy Commissioner Berlin.

ITEMS FOR DISCUSSION

Chair’s Remarks: Regent Finn welcomed everyone. She introduced Beth Berlin, Executive Deputy Commissioner, to present the May 2018 Fiscal Report and Sharon Cates-Williams, Deputy Commissioner, to present the Board of Regents Oversight of Financial Accountability Report.

2018 Fiscal Report

Our Executive Deputy Commissioner provided the Members with the May fiscal report that reflects actual expenditures through May 31, 2018 and projected expenditures through the lapse period ending June 30, 2019.  Extensive spending controls continue for all funds.  General Fund spending plans reflect the amounts appropriated in the 2018-19 enacted budget. General Fund accounts are in structural balance. Special Revenue accounts are all in structural balance on a current year basis and the accumulated negative balance in the Cultural Education Account is projected to end the fiscal year a negative $2.2 million. Federal Funds reflect current year plans for two-year grant awards.

Completed Audits

The Department’s Internal Audit Workgroup reviewed ten audits that are being presented to the Committee this month. Ten audits were issued by the Office of the New York State Comptroller (OSC). Five audits were of school districts, three were of providers of special education services, and two were of charter schools.

The findings were in the areas of budget/financial reporting, capital construction, extra classroom activity funds, internal controls, payroll/leave accruals, and Reimbursable Cost Manual compliance.

Deputy Commissioner, Sharon Cates-Williams, gave a brief overview of the completed audits and answered general questions.