ANGOLA - The annual audit of the Lake Shore School Central School District for the year ending June 30 has found the district in compliance in major federal programs and internal controls. Auditors from Toski & Co. P.C. Certified Public Accountants, describe the report as a "clean audit."
Auditors reported the financial statements, federal awards and federal programs were properly documented and allocated. There were no findings of misappropriation or mismanagement of funds.
A clean, unqualified opinion was issued the certified public accounting office, meaning that audited financial statements are free of material misstatements.
The financial report is designed to provide taxpayers, customers and creditors with a general overview of the district's finances and to show the district's accountability for the funding it receives.
The Lake Shore Central School District Audit Committee composed of Charlie Brooks, Patricia Gorham, Sheila Halloran and Paul Michalec reviewed the audit report and referred it to the Board of Education for acceptance.
Board of Education members accepted the audit findings of the annual external audit of the District at the Oct. 16 meeting.
The highlights of the audit include:
Moody's Investor Service has reviewed and assigned a rating of A1 to serial bonds for the current capital project.
Proper use of fund balance reserves protects the district from large changes in its tax rates.
The district's purchases of its own Borrowing Anticipating Notes (BAN) from general fund reserves for bonded debt maximizing lower interest rates and generating state aid, alleviating taxpayer burden by allocating undesignated, unreserved fund balance to reduce the tax levy and funding contractual obligations for incentives.
Systematic upgrades of the facilities through capital projects has maximized state aid and federal funding to reduce local burdens on taxpayers.
Elementary building consolidations have reduced expenditures and generated rental income.
"The District and Board of Education is very pleased to be in compliance in our general accounting procedures and overall budgetary operations. Assistant Superintendent for Administration and Finance Daniel Pacos and all our District and Business office staff are to be commended for their attention to detail and regulation," Superintendent of Schools James Przepasniak said.
The State of New York Office of the Comptroller has audited the District and its report (December 2011) stated all internal controls and audit functions were in good standing and in compliance with NYS law.
"We are proud of the reports from our internal and state comptroller audits. As a school district we are stewards of federal, state and local dollars. We take our responsibility very seriously and work within guidelines, regulations and procedures outlined by the state and federal government," Przepasniak said.