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 nine audits that are being presented to the Committee this month.  Two audits were issued by the Office of Audit Services, six were by the Office of the State Comptroller (OSC), and one by the City of New York Office of the Comptroller. Six audits were of school districts, one was of a special education services provider, one was of a Department function, and one of a New York City Department of Education function.

The findings were in the areas of procurement, budgeting, grant expenditures, compliance with Department’s Reimbursable Cost Manual, fund balance and reserves.

2015 Fiscal Report
Our Chief Financial Officer provided the Members with the fiscal report for February.  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.  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 increased by approximately $500,000.