CHAUTAUQUA LAKE
Audit finds district has too much in reserve funds
MAYVILLE—Chautauqua Lake Central School District has collected too much money in its capital reserve and debt reserve funds, the state comptroller’s office said in an audit released Tuesday.
Voters authorized the capital reserve to have an ultimate funding amount of $2.5 million, the audit states. The district has used it as a “rolling reserve fund” and has added a total of $2.9 million over the years, $400,000 more than authorized by voters.
The district also transferred $238,000 extra into the debt service fund without accounting for the debt that it was to cover, the audit said.
In the district response to the audit, Superintendent Benjamin Spitzer said that district officials and voters did not understand the capital reserve was to have a limited amount of money.
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