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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 afternoon, February 10, 2014. Regents Chapey, Dawson, Phillips, Tilles, Cottrell, Brown, Tallon, Bendit, Cea, and Jackson were in attendance.

ITEMS FOR DISCUSSION

Completed Audits

The Internal Audit Workgroup reviewed the 14 audits that are being presented to the Committee this month. Two of the audits were issued by the Office of Audit Services (OAS), eleven were issued by the Office of the State Comptroller (OSC) and one by the New York City Office of the Comptroller. Twelve audits were of school districts, one was of a charter school and one of a contractor.

The findings were in the areas of budgeting, financial reporting, payroll, claims processing, procurement, Race to the Top Grant and capital assets.

2013 Fiscal Report

Our Chief Financial Officer briefed the Members on the Fiscal Report for January and the 2014-15 Executive Budget.  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.

The 2014-15 Executive Budget includes continued funding to support the baseline Regents exams programs for all Regents exams offered in the current school year ($8.5 million) and the funding of $4.2 million for the High School Equivalency program. All other State operations and Special Revenue account will continue at last year’s levels.  The Executive Budget FTE level is at 2,721. The Department is currently below this and is actively working with program offices to fill up to this level.

Associated Agenda Item

Meeting Date: 
Monday, February 10, 2014 - 5:10pm