Committee Report | September 2011

Report of

REGENTS COMMITTEE ON AUDITS/BUDGET AND FINANCE

to

The Board of Regents

September 13, 2011

The Regents Committee on Audits/Budget and Finance met as scheduled on September 13, 2011.  Vice Chair Bendit, Chancellor Tisch, Vice Chancellor Cofield, Regents Tilles, Phillips, Tallon, Young, Dawson, Cea, and Cottrell were in attendance.

Chair’s Remarks:  Regent Chapey welcomed everyone.  She reiterated the role of the Committee in assisting the Board of Regents in its role in the reform efforts.

Items for Discussion

August  2011 Fiscal Report


Your Committee reviewed the fiscal report. Our Chief Operating Officer briefed the Committee members on the status of Departments accounts with deficit.  In addition, information was provided related to the receipt of funds to reinstate the Regents exam and the status of Department workforce.

Review of the Office of Audit Services (OAS) Activities

Department staff briefed the Committee on the accomplishments of OAS during the period from July 1, 2010 to June 30, 2011.  This one year period was also the second year of the two-year audit plan. 

Completed Audits

The Committee was presented with 50 audits this month.  The audits included 2 audits issued by OAS and 47 audits issued by the Office of the State Comptroller (OSC) and one issued by the Office of the New York City Comptroller.  Among the audits findings were weaknesses in the area of internal controls, budgeting practices, the level of fund balance, and use of reserves.  OAS will continue to monitor trends requiring the attention of the Committee.