October 7,2015
HORNELL NY- The Hornell City School district held their monthly Board of Education meeting Wednesday night, on the agenda was a presentation from Luke Malecki a partner from Drescher and Malecki,the Certified public accounting firm that has completed the yearly external budget audit.
Malecki said the purpose of the audit was to have reasonable assurances that the financial statements can be relied upon. Malecki stated that there were no significant deficiencies or material weaknesses with internal control and that it was a good audit and the financial statements were strong.
Auditors remarked that the good news is that the school district does have an unused balance fund of approximately 1.4 million dollars that is a cushion should the district need that for use on the capitol project should the need arise. According to Malecki, State law does allow for a school district to keep an unused fund balance up to four percent of the budget for this purpose.
