The Schenectady school district has received a blistering audit from its independent fiscal analysts for fudging numbers in last year’s budget...
ROFL. "FUDGING NUMBERS" Tax bills listed as paid when they were not. And they actually thought that Yagelski was so good as the super.
And the city will be on the hook for paying the money!
ROFLMAO Working together works
Optimists close their eyes and pretend problems are non existent. Better to have open eyes, see the truths, acknowledge the negatives, and speak up for the people rather than the politicos and their rich cronies.
FUDGING NUMBERS!!!!!!!!!! OMG that is just too funny.
And these are the same people who teach MATH!!!!!!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Life is tough, but it's tougher when you're stupid - John Wayne
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"While Foreign Terrorists were plotting to murder and maim using homemade bombs in Boston, Democrap officials in Washington DC, Albany and here were busy watching ME and other law abiding American Citizens who are gun owners and taxpayers, in an effort to blame the nation's lack of security on US so that they could have a political scapegoat."
They purposly fudged the numbers to mislead Moodys????? See below. Cant make this stuff up.
SCHENECTADY : City school district gets scathing audit BY KATHLEEN MOORE Gazette Reporter The Schenectady school district has received a blistering audit from its independent fiscal analysts for fudging numbers in last year’s budget. The district also made serious mistakes in its handling of the state Contract for Excellence grant — for the second time. Bonadio & Co. audited last year’s books and highlighted both problems. The most serious mistake involved $3.4 million in taxes owed by the city, the auditors said. The city never paid that revenue. Yet the district recorded the money as if it had received it. The city must pay school taxes for any property owner who fails to pay their bill, but the city has two years to make the payment. City officials informed the school district mid-year that the money wasn’t coming right away. School board President Cathy Lewis said the school district recorded the $3.4 million as “paid” last year to avoid ending the year in a defi cit. Since districts are not allowed to have a deficit, Schenectady would have been forced to use its savings to fi ll the hole. But school officials wanted to use that savings in the 2012-2013 budget. So they borrowed a little more money than they had planned, and used some savings without properly showing that they had used it, instead of simply recording that they hadn’t gotten the money from the city. Auditors were not impressed. Throughout the 71-page audit, they repeatedly referred to the issue. They gave the district a “qualifi ed” audit with a “material weakness” — auditing code words for a serious problem. They also said school offi cials refused to change their fi nancial records to show that the city money was not received last year. “We disagree with this policy,” they wrote. Lewis admitted openly what the district had done. “We booked it as revenue even though we didn’t get it,” she said. “We went in with eyes wide open.” In the audit, school management wrote a letter defending the decision. School officials blamed the city for the problem. “The Schenectady City School District has been placed in an extremely difficult position,” school offi cials wrote. They said city offi cials decided not to pay in March — three months before the payment was due, and nearly a year after the budget that included the payment was created. “With only three months remaining in the fiscal year, there was very little time for the District to alter in expenditures to offset such a substantial shortage in revenue,” school offi cials wrote. They said they feared that they wouldn’t have enough money for the 2012-2013 budget if they admitted to using savings to cover the loss in revenue. With a tax cap now in place, they said they couldn’t raise more money through taxes to cover the loss of savings. So, they wrote, they decided that simply saying they’d gotten the money after all was the “most appropriate recourse.” District officials also wrote that they decided the decision might keep Moody’s from lowering the district’s credit rating. A lower rating would require the district to pay much higher interest rates in new loans. The problem will persist for the next 10 years, Lewis said. That’s because the district budgeted again to receive the $3.4 million in 2013. So there will still be an unwritten deficit in the district’s books for the payment it did not receive in 2012. Lewis said the district will cut costs or borrow $300,000 more each year until, eventually, the hole has been filled. The district’s other option would be to cut or raise $3.4 million at once, but Lewis said that could signifi cantly hurt school programs. $300,000 is easier, she said. “The impact isn’t as great as doing it all at once,” she said. If the district receives $3 million in unpaid state aid for transportation, which the state withheld because the district improperly advertised for bids on transportation, that money might be used to fill most of the $3.4 million hole, she added. “We might accelerate it,” she said. She added that she’s confi dent she will get the city money in 2013. “We expect this money. I have been assured of it,” she said. Mayor Gary McCarthy has said the city will make the payment, which is in the proposed 2013 budget. The district was also faulted in the audit for mistakes in handling the Contract for Excellence grant. In 2008-2009, the district overspent that grant. Last year, the district did not separate the school costs connected to the grant, as required by the state. District officials said they would follow the rules in the future. “District officials did not believe the separate coding structure was required,” the auditors wrote in a corrective action plan. “District officials now understand their obligation and will take immediate steps to create a separate code structure to identify such costs for the 2012-2013 year.”
Life is tough, but it's tougher when you're stupid - John Wayne
TIP TO NEW VISITORS TO THIS FORUM - To improve your blogging pleasure it is recommended to ignore (Through editing your prefere) the posts of the following bloggers - DemocraticVoiceofReason, Scotsgod08 and Smoking Bananas. They continually go off topic, do not provide facts and make irrational remarks. If you do not believe me, this can be proven by their reputation scores or by a sampling of their posts.
strike on school property so the kids can see that but don't tell them the ENTIRE picture because that would be actual knowledge based on facts/math/stats.....
interesting very very very interesting....maybe this is the other side of the wisconsin story?
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
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