Committee Report | December 2011

Report of

REGENTS COMMITTEE ON AUDITS/BUDGET AND FINANCE

to

The Board of Regents

December 13, 2011

The Regents Committee on Audits/Budget and Finance met as scheduled on December 13, 2011.  Vice Chair Bendit, Chancellor Tisch, Regents Cashin, Cottrell, Dawson, Jackson, Phillips, Tallon, Tilles, and Young were in attendance.

Chair’s Remarks:  Regent Chapey welcomed everyone.  She commented that the Reform Agenda is making a difference and that it is a daunting task to prepare New Yorkers to be well educated, especially in these economic times.  This requires educators to be innovative.

Regent Bendit asked the Committee to consider the question: are the audits that are being conducted by the Office of Audit Services aligned with the priorities of the Regents and the Department?  In addition, are the limited resources being used efficiently?  

Items for Discussion

November 2011 Fiscal Report


Your Committee reviewed the fiscal report.  Our Executive Deputy Commissioner briefed the Committee members on the three accounts that remain a concern, teacher tenure hearing, assessment, and cultural education accounts.  In addition, information was provided on the effects of the recently settled labor contracts.

Completed Audits

The Committee was presented with 16 audits this month.  The audits included two audits issued by the Office of Audit Services (OAS), twelve by the Office of the State Comptroller (OSC) and two issued by the Office of the New York City Comptroller.  The findings were in the areas of information technology, budgeting, procurement, payroll, cash, compliance with ARRA requirements, and the provision of physical education and universal pre-k services.

School District
Fiscal Condition

The Committee was provided with a preliminary review of school districts’ fiscal condition based on an analysis of the 2010-2011 financial statements.  Fifty-one financial statements have not yet been received.  Based on information available one district has been identified as being in fiscal stress, and four others as moving toward fiscal stress.