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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 today, as scheduled.

Items Discussed

Completed Audits

The Internal Audit Workgroup reviewed the 44 audits that are being presented to the Committee this month. Three audits were issued by the Office of Audit Services, 38 were by the Office of the State Comptroller (OSC), and three by the New York City Office of the Comptroller. Thirty-seven audits were of school districts, two were of special education services providers, one was of a charter school, one was of a Department account and three were of New York City Department of Education’s functions.

The findings were in the areas of budgeting, financial reporting, cash, procurement, and payroll.

2014 Fiscal Report

Our Chief Financial Officer briefed the Members on the Fiscal Report for August. 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 $800,000.

Associated Agenda Item

Meeting Date: 
Tuesday, September 16, 2014 - 10:25am