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, April 28, 2014.  Chancellor Tisch, Regents Dawson, Phillips, Tilles, Cottrell, Bendit, and Finn were in attendance.

Items for Discussion

Completed Audits

The Internal Audit Workgroup reviewed the 17 audits that are being presented to the Committee this month.  One audit was issued by the Office of Audit Services, 15 were by the Office of State Comptroller, and 1 by the New York City Office of the Comptroller.   Fourteen audits were of school districts, 1 was of a special education services provider, 1 of a program administered by the Department and 1 of New York City Department of Education awarding of vendor contract.

The findings were in the areas of budgeting, financial reporting, procurement, payroll, and board oversight.

2014 Fiscal Report

Our Chief Financial Officer briefed the Members on the Fiscal Report for March.  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 $880,000.  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 $3.7 million.