Committee Report | June 2011

Report of

REGENTS COMMITTEE ON AUDITS/BUDGET AND FINANCE

REGENTS SUBCOMMITTEE ON STATE AID

to

The Board of Regents

June 21, 2011

The Regents Committee on Audits/Budget and Finance and the Subcommittee on State Aid met as scheduled on June 20, 2011.  Chancellor Tisch, Vice Chancellor Cofield, Chancellor Emeritus Bennett, Vice Chair Bendit, and Regents Tilles, Dawson, Cashin, Rosa, Young, Jackson, Bottar, Cottrell, Phillips, and Cea were in attendance.

Items for Discussion

Financial Condition of School District

The Members were briefed on the process used by the Office of Audit Services to assess the fiscal condition of school districts. Specifically, we were briefed on the results of the 2009-2010 school year.

School District Fund balance

Staff described the effect of the changes in accounting standards as it relates to reserves and fund balance. We were also briefed on findings from the recent Property Tax Report Cards which were developed by school districts this past May and includes information on spending, tax levies, and fund balances.

 
Insolvent School Districts

Staff also described the facts and processes used when school districts experience severe financial stress. We were told of actions that the Department and the Office of the State Comptroller can utilize in addressing these types of concerns.

Mandate Relief

We were updated on mandate relief activities in the legislature based on Department initiatives.

Item for Discussion

Two proposed amendments to the Regulations of the Commissioner (136.3 Hyperopia screening and 80-4.3 Teacher Certification Flexibility) were discussed and will be presented for adoption at the September Regents meeting.

Emergency Action

The Committee approved the emergency amendments to the Regulations of the Commissioner for section 155.6 related to School facility report cards and 156.3 regarding School transportation (driver training and school vehicle idling reports).

A motion to approve the proposed changes was made by Chancellor Emeritus Bennett, second by Regent Young, and passed without opposition.

May 2011 Fiscal Report


Your Committee reviewed the fiscal report. Our Chief Operating Officer briefed the Committee Members on the status of efforts to improve the fiscal health of some accounts including Teacher Tenure Hearings, Cultural Ed, GED, and Assessment.