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 April 8, 2019. 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, Cottrell, Hakanson, Mead, Tilles and Young. In addition to Audits/Budget Committee Members, in attendance were: Chancellor Rosa and Regents Cashin, Mittler and Norwood as well as, Commissioner Elia and Executive Deputy Commissioner Beth Berlin.
ITEMS FOR DISCUSSION
Chair’s Remarks: Regent Finn welcomed everyone. She introduced Sharon Cates-Williams, Deputy Commissioner, to present the Board of Regents Oversight of Financial Accountability Report and then Phyllis Morris, Chief Financial Officer, to present the March 2019 Fiscal Report.
This month the Board is being presented with seven audits, which were conducted by the Office of the New York State Comptroller (OSC). Six audits were of school districts and one was of a special education service provider. The findings were in the areas of budgeting/financial reporting, extra-classroom activities, payroll and leave accruals, energy management, and Reimbursable Cost Manual compliance.
The Chief Financial Officer, Phyllis Morris, provided the Members with the March 2019 fiscal report that reflects actual expenditures through March 31, 2019 and projected expenditures through the lapse period ending June 30, 2019. Extensive spending controls continue for all funds. General Fund spending plans reflect the amounts appropriated in the 2018-19 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 end the fiscal year a negative $2.2 million. Federal Funds reflect current year plans for two-year grant awards.