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Report of Regents Audits/Budget and Finance Committee to The Board of Regents

Your Committee on Audits/Budget and Finance had its scheduled meeting on September 11, 2017. Regent Josephine Finn, Chair of the Audits/Budget and Finance Committee, submitted the following written report. In attendance were committee members: Regent Finn, Chair, Regents Collins, Mead, and Young.

Regents, in addition to Audits/Budget Committee Members, in attendance were: Chancellor Rosa, Vice Chancellor Brown, Regents Cashin, Cea, Chin, Johnson, and Reyes as well as, Commissioner Elia and Executive Deputy Commissioner Berlin.

ITEMS FOR DISCUSSION

Chair’s Remarks: Regent Finn welcomed everyone. She introduced Beth Berlin, Executive Deputy Commissioner, to present the August 2017 Fiscal Report and Sharon Cates-Williams, Deputy Commissioner, to present the Board of Regents Oversight of Financial Accountability Report.

2017 Fiscal Report

Our Executive Deputy Commissioner provided the Members with the August fiscal report that reflects actual expenditures through August 31, 2017 and projected expenditures through the lapse period ending June 30, 2018.  Extensive spending controls continue for all funds.  General Fund spending plans reflect the amounts appropriated in the 2017-18 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 projected to remain at a negative $2.8 million. Federal Funds reflect current year plans for two-year grant awards.

Completed Audits

The Department’s Internal Audit Workgroup reviewed thirty audits that are being presented to the Committee this month. One audit was issued by the United States Department of Education, four were issued by the Office of the New York City Comptroller and twenty-five audits were issued by the Office of the New York State Comptroller.  Four audits were of the New York City Department of Education, eighteen audits were of school districts, two of charter schools, four providers of special education services, one community college, and one audit of the State Education Department.

The findings were in the areas of budget/financial reporting, Charter School Management/Tuition, conflict of interest/internal controls, extra-classroom activity fund, fuel accountability/energy management, grant reporting compliance, information technology, reimbursable cost manual compliance, board oversight, community service, credit cards, educational services, fixed assets, oversight of school bus driver qualifications, special education, Title I funds, and transportation State aid.

Deputy Commissioner, Sharon Cates-Williams, gave a brief overview of the completed audits and answered general questions.

Associated Agenda Item

Meeting Date: 
Monday, September 11, 2017 - 2:35pm