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Audit: Lake Placid school district is in good financial health

October 25, 2013

LAKE PLACID - An external audit found the Lake Placid Central School District's finances in good condition.

Larry Ringer, a Glens Falls-based accountant, told the school board Tuesday night that the district's overall financial condition is in good shape.

"We found the records to be in excellent condition," Ringer said.

He said there were not major adjustments to any journal entries, which is important because they need to be accurate in order to rely on them month to month.

He noted that the district's budget was "pretty darn accurate" when compared to what was actually spent and earned, which he said is important to taxpayers.

When they say, "'Are we getting a fictitious budget, or are we getting a real budget?' you can say, 'You're getting a real budget,'" Ringer told the school board.

Board member John Hopkinson asked if Ringer had any suggestions for the district.

He said it has all the internal control procedures it needs in place. His only suggestion is that the district's fund balance is a little over 4 percent, which is the number the state requires fund balances to be below.

"It's just a little bit over it right now," Ringer said. "It's difficult to stay within that limit with everything that's going on today."

Ringer also gave a more detailed report to the the board's Audit Committee in a closed session before the school board meeting.

Ringer was hired by the district in May after Patrick Ida, the certified public accountant the district usually uses for external audits, was unable to conduct one this year due to a family health issue.



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