20 Aug 2014
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BOE Announces Annual Financial Success

Annual audit report yields a high implementation rate and low areas of economic weakness for the district.

BOE Announces Annual Financial Success

The annual audit report for the fiscal year ending June 30, 2011, deemed successful financial decisions for the Patchogue-Medford School District at the Board of Education meeting at South Ocean Middle School on Monday.

Assistant Superintendent of Business Dr. Donna Jones worked closely with Phil Reyling, Chair of the Audit Committee, and Alexandria Battaglia, a Senior Auditor from R.S. Abrams and Co. and announced there was consistency in the budget and no major areas of limitation.

According to Battaglia, the district’s fund balance began at $6.4 million and ended at $6.2 million, a “healthy” difference.

“There were no significant deficiencies and no material weaknesses, and every single item has been implemented,” Battaglia said. “Everything that was planned is being worked on, and I commend the district, Patchogue is headed in the right direction.”

Jones informed the Board that the district can save $2.3 million over the next 15 years by refunding serial bonds, as well as the benefits from tax participation decisions.

“When we look back four years ago, we had to borrow $42 million, and this year we only to had to borrow $27 million,” Jones said. “As a result, we’re saving on interest and this enables us to actually invest.”

They also announced that a surplus from school lunches remained, another positive financial outcome for the district, and the implementation of electronic lunch payment and monitoring systems so parents can see what their children are buying.

The system has begun in the middle school, and is planned to be used in each school by mid-November, as well as more menu options.

The meeting was filled with appreciation as Jones offered thanks to her committee, Superintendent Michael Locantore recognized the Board for their efforts, and PTA Council President Lori Musumeci offered certificates of appreciation to each Board member.

“Even though we may not agree on everything, we’ve got an outstanding team and I want to thank you for supporting me in my second year,” Locantore said.

The list of implementations from the Annual Audit Report will appear on district website.

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