Financial Statements

Financial Audit

School Level Transparency Report:

Reserve Plan

This plan is set forth as a guide for the intended establishment and use of reserve funds for the Hornell City School District. All reserves are established in accordance with New York State General Municipal Law. According to the NYS Comptroller’s Local Government Management Guide on Reserve Funds, “reserve funds provide a mechanism for legally saving money to finance all or part of future infrastructure, equipment, and other requirements.” The Hornell City School District has used, and will continue to use, reserve funds to increase financial stability of the district while reducing the need to enter into unfunded debt to finance capital projects and acquisitions. Reserves become the prudent mechanism to stabilize budgets by allowing money not needed for current purposes to be set aside for those uncertain economic times when their use is necessary. This stabilization provides not only steady and predictable local tax base, but also keeps from experiencing constant addition and removal of important student services and extracurricular opportunities based on specific unpredictable yearly funding.

In addition to maintaining reserve accounts, the Hornell City School District aims to always maintain between 3.5% and 4% of undesignated fund balance within its operating funds. The combination of undesignated fund balance with specific legally established reserve funds provides the necessary foundation for remaining financially sound through unanticipated events. Additionally, sound reserve planning and saving today for known future expenses, such as paying employees for leave time accruals at retirement, greatly smooths the exposure of those expenses to keep spikes from occurring in annual real property levies.

This plan shall be reviewed annually at the regular June meeting of the Board of Education. Sources:

Policies and Procedures

The following policies and procedures can be found under the About Us tab.