Sentences with phrase «unrestricted fund balance»

District officials designated more than $ 3 million of unrestricted fund balance for costs related to other post-employment benefits each year, but did not use the funds to make related payments, the report noted.

The Comptroller's office recommends the District adopt budgets based on what it called realistic estimates, with reasonable fund balances, and come up with a use for the excess unrestricted fund balance that would benefit District residents.

The district's unrestricted fund balance during those years exceeded the statutory limit, the report said.

Willsboro Central accumulated unrestricted fund balance that exceeded the statutory limit by approximately $ 977,000 — or nearly 12 percentage points — and has levied more taxes than were needed to fund operations during the 2013 - 14 through the 2015 - 16 fiscal years, the report revealed.

The budget does close what was originally a $ 65 million gap, and that was accomplished with the help of money from the districts unrestricted fund balance.

«Although the need to address the excess accumulation of unrestricted fund balance was pointed out to district officials repeatedly by the independent auditors, district officials have not taken appropriate action to address this situation,» read the report.

The draft audit notes that the city's goal had been to maintain an unrestricted fund balance (sometimes referred to as a reserve fund) of 5 percent of its total general fund budget.

Under state law, districts are legally limited to unrestricted fund balances, also known as «rainy day» funds, of no more than 4 percent of annual budgets.

Officials said they're looking at all options to reduce the gap so they don't have to dip into the $ 107 million unrestricted fund balance.

ALBANY — The county ended 2017 with a $ 1.8 million surplus, bringing its unrestricted fund balance to $ 46.3 million, according to a report from county Comptroller Michael Conners.