Brocton, NY (WNY News Now) – A recent audit reveals that the Brocton Central School District’s Board of Education and officials mishandled fund balance and reserves, resulting in overtaxing and a lack of transparency with taxpayers.
The Brocton Central School District’s financial practices have come under scrutiny following an audit conducted by external experts. The audit’s objective was to assess the management of fund balance and reserves by the District’s Board of Education and officials.
Key findings from the audit indicate significant discrepancies in financial management. The Board and District officials were found to have overestimated budgetary appropriations by an average of $1.3 million annually, amounting to 8 percent. Additionally, surplus fund balance exceeded the legal limit by 7 percentage points or $1.2 million as of June 30, 2022. This excess fund balance could have been allocated more effectively to benefit the district and taxpayers.
The audit unveiled that six reserves, totaling over $2.2 million, lacked proper documentation of funding or utilization as originally intended. In response to the audit’s findings, district officials acknowledged the need for corrective action.
The period of review was July 1, 2019 – November 16, 2022.
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