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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 yesterday, as scheduled. Regents Dawson, Tilles, Phillips, Bendit and Tallon were in attendance.

Items Discussed

Completed Audits
The Internal Audit Workgroup reviewed the fourteen audits that are being presented to the Committee this month. All audits were issued by the Office of the State Comptroller (OSC). Ten audits were of special education services providers, three were school districts, and one of a university.

The findings were in the areas of noncompliance with Department’s Reimbursable Cost Manual, management of district resources, budgeting, procurement, and tuition assistance program.

Executive Budget Overview and 2015 Fiscal Report
Our Chief Financial Officer provided the Members with an overview of the Executive Budget. The fiscal report for January was also presented. 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.