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

The Regents Committee on Audits/Budget and Finance met today, as scheduled. 

ITEMS DISCUSSED

Completed Audits

The Internal Audit Workgroup reviewed the 5 audits that are being presented to the Committee this month. One audit was issued by the Office of Audit Services and 4 were by the Office of the State Comptroller (OSC). Two audits were of school districts, two were of colleges and one was of a preschool special education services provider.

The findings were in the areas of budgeting, procurement, tuition assistance program, and payroll.

2014 Fiscal Report

Our Chief Financial Officer briefed the Members on the Fiscal Report for May.  Extensive spending controls continue for all funds.  General Fund spending reflects the amounts appropriated in the 2014-15 enacted budget.  General Fund accounts are in structural balance.  The Tenured Teacher Hearings (TTH) account’s prior year deficit will be fully paid in 2014-15.  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 $700,000.