Each Year All School Districts Are Audited. Commack Schools Audit

Commack NY

11 August, 2021

10:06 AM

Description

"Real property taxes of $ 131,681,971 were collected from local residents an increase of $6,297,343. in property taxes. "This increase was within the tax cap. "The STAR program provides tax relief to homeowners through State reimbursement to the District. Payments in lieu of taxes ("PILOTS") are also included within this category. The revenues from the STAR program and PILOTS decreased by $2,161,630."( p. 13) Table A-10: Outstanding Long-Term Liabilities 6/30/20 General obligation bonds, net : $ 32,688,193 This bond issue was approved by the district residents in December 2019 to complete many updates in the buildings. The following bonds are left from a prior bond issue ; Serial bonds - advanced refunding 2013 Due 2025 2.00 - 4.00% $25,290,000 Serial bonds 2013 Due 2029 $ 6,275,000 ( p. 43) Installment purchase debt payable : 26,353,460 Workers' Compensation claims payable : $750,394 Compensated absences : $14,487,971 .. The 2020-2021 budget is impacted by certain trends affecting school districts. These include increases in health insurance costs, workers' compensation judgments, and potential unemployment insurance claims, which are beyond the District's control. During the year, the District was billed $7,765,551 for BOCES administrative and program costs. A BOCES' budget is comprised of separate budgets for administrative, program and capital costs. Each component district's share of administrative and capital cost is determined by resident public school district enrollment, as defined in the New York State Education Law, §1950(4)(b)(7). In addition, component districts pay tuition or a service fee for programs in which its students participate. The auditors entered the following notes on p.68 of the report about the basis of Accounting: We draw attention to Note 1 of this financial statement, which describes the basis of accounting. The financial statement is prepared on the cash basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to this matter . Melville, New York by NawrockiSmith Certified Public Accountants Independent Auditor September 24, 2020