The East Ramapo Central School District Superintendent Anthony DiCarlo and his assistant Eric Stark discovered and announced at Monday night’s Board of Education meeting that an independent audit revealed an unexpected $30 million surplus in the district’s finances. This discovery comes a year after a state monitor warned of a potential cash shortfall of $30 to $40 million projected for the summer of 2024.
An audit conducted and confirmed by EFPR Group confirmed the district’s financial statements for the year ending June 30, 2024, were in accordance with generally accepted accounting principles. The findings revealed a stark contrast to earlier financial forecasts, which anticipated significant deficits.
This surplus was identified following a thorough financial review and comes despite prior warnings of a fiscal crisis. Earlier this year, the New York State Education Department approved a 4.5% increase in state aid to help offset potential financial challenges and sustain district operations.
The auditors acknowledged the district’s adherence to rigorous accounting standards while stressing the importance of maintaining long-term financial oversight. They emphasized the need to address any conditions that could jeopardize the district’s ability to sustain its financial stability over time.
The discovery of the surplus has prompted the Board of Education to plan a follow-up meeting to determine how best to allocate the additional funds. Key areas of focus are expected to include addressing deferred maintenance, improving educational programs, and enhancing resources for students and staff.
The district is expected to provide further updates as it outlines its financial strategy in response to this significant development.
Development? 10% of the entire budget just appears after you just raised our taxes? How about a refund as the raise in taxes was based upon a shortfall? How about firing the oversite and the bookeeper? Who is accountable?