Purpose of Budget Review
Our purpose of our budget review was determine whether the significant revenue and expenditure projections in the District’s tentative budget for the 2015-16 fiscal year are reasonable.
The Campbell-Savona Central School District was authorized to issue debt totaling $3,250,000 to liquidate the accumulated deficit in the District’s general fund as of June 30, 2006. Local Finance Law requires all local governments that have been authorized to issue obligations to fund operating deficits to submit their tentative budget for the next fiscal year to the State Comptroller for review while the deficit obligations are outstanding.
- The significant revenue and expenditure projections in the tentative budget appear reasonable.
- The District consistently appropriates fund balance that is not needed to fund operations.
- Two of the District’s reserves totaling $1.14 million appear to be overfunded.
- The District’s tentative budget complies with the property tax levy limit.
- Consider decreasing real property taxes by using reserve funds to finance operations as appropriate.
- Review all reserves and determine if the amounts reserved are necessary and reasonable.