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 October 15, 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, Hakanson, Mead, Ouderkirk, Tilles and Young.

Regents, in addition to Audits/Budget Committee Members, in attendance were: Chancellor Rosa, Vice Chancellor Brown, Regents Cea, Chin, Mittler, and Reyes 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 September 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 September fiscal report that reflects actual expenditures through September 30, 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

This month the Board is being presented with 18 audits, all of which were issued by the NYS Office of the State Comptroller.  Fifteen audits were of school districts, two of charter schools, and one was of a provider of special education services. Findings were in the areas of, cash, claims processing, controls over debit cards, financial reporting, information technology, online banking, oversight of monthly records/reporting, procurement, and reimbursable cost manual compliance. Deputy Commissioner, Sharon Cates-Williams, gave a brief overview of the completed audits and answered general questions.