New Law Requiring More Financial Disclosure by School Districts To Go Into Effect July 1, 2017
On December 31, 2016 the Governor signed into law Chapter 514 (S5795/A7675A). The new law, proposed by OSC, requires school districts to do the following:
- Include schedule of reserve funds in their Property Tax Report Cards detailing the names of each reserve fund, a description and purpose, the balance as of the close the third quarter of the current fiscal year, and a brief statement explaining any plans to use the fund for the ensuing fiscal year.
- Obtain express authorization by board resolution for payments or transfers into reserve funds.
- Post external audit reports, any corrective action plan prepared in response to findings contained in the report or management letter, any final audit report issued by OSC, final budgets and any multi-year financial plans.
NYSASBO has plans to do a webinar on the new reporting requirements together with the Office of the State Comptroller later this spring.