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NEWS from the Office of the New York State Comptroller
Contact: Press Office 518-474-4015


State Comptroller DiNapoli Releases School District Audit

February 3, 2021

New York State Comptroller Thomas P. DiNapoli today announced the following school district audit was issued.

Groton Central School District – Cash Management (Cayuga County, Cortland County and Tompkins County)

School district officials did not maximize interest earnings. During the audit period, the district’s interest earnings totaled $72,555, but the district could have earned another $367,963 if officials invested available funds in a financial institution that offered higher interest rates. Business officials did not develop and manage a comprehensive investment program or comply with the district’s board of education’s investment policy. District officials should solicit interest rate quotes to maximize interest earnings and prepare monthly cash flow forecasts.

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