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, December 15, 2014. Chancellor Tisch, Regents Dawson, Phillips, Tilles, Bendit, Finn and Tallon were in attendance.
The Internal Audit Workgroup reviewed the 18 audits that are being presented to the Committee this month. All 18 audits were issued by the Office of the State Comptroller (OSC). Seventeen audits were of school districts and one was an audit of a charter school.
The findings were in the areas of budgeting, financial reporting, reserves, procurement, capital construction, payroll, and travel.
2014 Fiscal Report
Our Chief Financial Officer briefed the Members on the Fiscal Report for November. 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 reduced by approximately $400,000.