Jamestown Public Schools Accused Of Not Properly Managing Funds

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JAMESTOWN, NY (WNY News Now) – Jamestown Public Schools is accused of not properly managing funds as part of poor budgetary practices outlined by New York State’s Comptroller.

From July 1, 2018 to April 14, 2022, the comptroller’s office discovered the district maintained a surplus fund balance over the four percent statutory limit.

The balance, his office says, exceeded the statutory limit by seven percentage points totaling $6.3 million dollars.

Officials also found that the district overestimated budgetary appropriations of $6.5 million dollars resulting in operating surpluses in the last three fiscal years.

The Comptroller recommends the school correct the problem by developing a plan to reduce the surplus fund balance and reduce overfunded reserves going forward.