Monday, March 31, 2008

Audit Supports Jankowski 100%

Here are the key quotes:

1) "The estimated amounts of co-payments to be received from the Board of Education is significantly different than actual co-payments received from the Board of Education."

2) "Over the last two years, actual co-payments received exceeded the estimated amount by $1,103,981...[T]herefore the budget appropriations for the last two years were higher than they needed to be by $1,103,981."

3) "As of June 30, 2007, the Medical Reserve Fund has a balance due from the General Fund of $2,409, 181. This is due to the timing of when revenue is recognized in the Medical Reserve Fund and when the actual cash is received by the Medical Reserve Fund."

4) "The development of a budget for amounts that will need to be charged to other funds of the Town by the Medical Reserve Fund is subject to estimation. However, we noted that actual co-payments were significantly higher than estimated, causing the budget appropriation to be higher than necessary. "

5) "We recommend that the estimate that is developed for co-payments be developed based on historical collection experience. Historical collections of co-payments were approximately $1.3million in 2006 and approximately $1.5million in 2007, while the estimated amounts used in 2007 and 2006 totaled $900,000 and $800,000, respectively."

So there you have it. The real question that needs to be answered is the one asked by BOE Member Julie Turk...what has the BOE been doing with the surplus?

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