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Findings from a state audit, released Thursday by Comptroller Thomas P. DiNapoli, revealed that the Ken-Ton School District has more than $22 million in excess funds that the comptroller said could be used to reduce the tax levy, pay for one-time expenses or reduce district debt.
The audit, which covered July 2006 to October 2008, found that the district routinely overestimated expenditures; from the 2003-04 to 2007-08 school years, a combined $43.5 million in overestimated costs was accumulated.
The district also regularly underestimated revenue, primarily state aid and interest earnings, by about $23 million over the same five-year period.
“Accurate budgeting is essential for a school district to have a strong financial base and make sure taxpayers are not paying more property taxes than necessary,” DiNapoli said in a release announcing the findings. “(The district) needs to accurately estimate its revenues and expenses, and stop overfunding reserves.”
Read Friday’s Tonawanda News for a more detailed report.
