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, October 20, 2014.  Regents Dawson, Phillips, Tilles, Bendit, and Tallon were in attendance. 

Items Discussed

Completed Audits

The Internal Audit Workgroup reviewed the 16 audits that are being presented to the Committee this month. One audit was issued by the Office of Audit Services and 15 were by the Office of the State Comptroller (OSC). Fifteen audits were of school districts and one was an audit of a Department’s function.

The findings were in the areas of budgeting, access control over student information system, financial reporting, cash, and capital construction.

2014 Fiscal Report

Our Chief Financial Officer briefed the Members on the Fiscal Report for September.  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.