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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 as scheduled yesterday February 11, 2013.  Chancellor Tisch, and Regents Bendit, Cea, Cottrell, Tallon, Tilles and Young were in attendance.

Co-Chair’s Remarks:  Regent Chapey welcomed everyone and stressed the importance of utilizing information in audit findings as a tool for change.

Items for Discussion

2013-14 Executive Budget Update

Our Chief Financial Officer (CFO) briefed the Committee members on the highlights of the proposed Executive Budget. Our Executive Deputy Commissioner briefed the Committee members on the components of the Executive Budget that will impact the area of Special Education.

January 2013 Fiscal Report

The CFO briefed the members. General Fund accounts are in structural balance with the exception of the Tenured Teacher Hearings (TTH) account. Although fiscal and programmatic reforms were included in the enacted state budget, there continues to be a deficit of an estimated $9 million in unpaid bills due to chronic under-funding of this program after new case claims are paid will be used for prior year claims.

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 $700,000.

Completed Audits

The Committee was presented with fifteen audits this month. Twelve of the audits were issued by the Office of the State Comptroller (OSC) two by the Comptroller of the City of New York, and one by the Office of Audit Services (OAS).  Six of the audits were highlighted for the members of the Committee and Department actions were described. 
The findings were in the areas of procurement, financial reporting, claims processing, information technology, payroll, conflicts of interest, tuition assistance program and a school improvement grant. 

Associated Agenda Item

Meeting Date: 
Monday, February 11, 2013 - 4:00pm