The district realized operating surpluses because the board overestimated expenditures when developing budgets. The district has not established a formal plan stating how much will be set aside in each reserve, how each reserve will be funded or when reserve funds are to be used.
The district is serving nutritious meals to its students. However, the meals cost more to prepare than the revenue generated by the meal sales.
The district serves nutritious meals to its students and cafeteria staff produce the meals in a productive manner. However, meals cost more to prepare than the revenue generated by the meal sales.
The significant revenue and expenditure projections in the preliminary budget are reasonable. However, the continued reliance on appropriated fund balance to fund town operations will eventually deplete fund balance and adversely affect the town’s financial condition. The town’s 2016 proposed budget complies with the property tax cap levy limit.
The board needs to improve its oversight and management of the village’s budgeting and financial operations. The board has not adopted policies and procedures governing the budget process or a fund balance policy establishing the level of fund balance to maintain.