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Oct. 16, 2019, audit meeting minutes

Board President Brian Crandall called the meeting to order at 5:27 p.m. in the Herkimer Elementary School Cafetorium and the Pledge of Allegiance was said.  He welcomed district auditor, Mr. Alec Sobin, from Raymond G. Preusser, CPA, PC to this evenings meeting.

Approval of the Agenda

Ms. Gilbert moved and Ms. Fischer seconded a motion to formally approve the meeting agenda as submitted. All voted in favor; motion carried 7:0.

Financial Statements and Supplementary Information

Mr. Sobin was introduced to provide the committee with the district’s 2018-2019 Independent Audit Report. He reviewed with the Board of Education the district’s financial highlights, along with Management’s Discussion and Analysis (MD&A) as well as the Basic Financial Statements for the year ended June 30, 2019.  The basic financial statements consist of district –wide financial statements, fund financial statements, Fiduciary Finds and notes to the financial statements. [All materials filed in the supplemental packet dated 10/16/19].

Mr. Sobin reviewed with the Board of Education the balance sheets and statement of net assets, revenues, expenditures and changes in fund balances, along with the ERS/TRS required contributions for the current year and two preceding years.

Extra Classroom Activity Funds

Mr. Sobin reviewed the Extra Classroom fund with the Board of Education.

He reported that the Herkimer Central School District complied all material which included the respective financial position of the governmental activities, each major fund as well as the fiduciary fund information of the Herkimer Central School District, as of June 30, 2019.

In his conclusion, he informed the Board of Education that the Budget was well prepared and executed. Overall it was a good audit and report. A brief discussion followed.

Mr. Petucci moved and Mr. Lewis seconded a motion to adjourn the meeting at 5:56 p.m. All voted in favor; motion carried 7:0.

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