Financial Information

AUDITED FINANCIAL STATEMENTS

The district's fiscal year is July 1st to June 30th. The district's financial records are audited at the close of each fiscal year and the reports are provided below. 

Year Ended June 30, 2020 2019-2020 Summary Budget Data

Year Ended June 30, 2019 2018-2019 Summary Budget Data

Year Ended June 30, 2018 2017-2018 Summary Budget Data

Year Ended June 30, 2017 2016-2017 Summary Budget Data

Year Ended June 30, 2016 2015-2016 Summary Budget Data

 

FUND BALANCE & RESERVES

Fund balance is the difference between the district's revenues and expenditures each fiscal year. Fund Balance can be either a positive (revenues exceed expenditures) or negative (expenditures exceed revenues) amount.

When fund balance is positive at the end of a fiscal year, the remaining funds may be retained by the district in a variety of reserve accounts. The specific reserves and target funding amounts are set by Policy. In addition, a Reserve Plan is prepared each year to assist with managing the district's reserves.

Cumulatively, the sum of all the district's reserve accounts may also be referred to as Fund Balance. 

List of all available reserves

Reserve Plan as of June 2020

Fund Balance and Reserve Balances as of June 30, 2020

 

NYS COMPTROLLER REPORTS

Audit Report: Financial Condition: July 1, 2014 - June 30, 2016

(Report 2016M-363 Released December 2016 (Post to December 2021)

 

NYS SCHOOL FUNDING TRANSPARENCY FORM

Beginning with the 2018-19 school year, Education Law §3614—which was passed by the Legislature and became law as Chapter 59 of the Laws of 2018—requires school districts to “annually submit to the commissioner [of the State Education Department] and the director of the budget … a detailed statement of the total funding allocation for each school in the district for the upcoming school budget year” in a “form developed by the director of the budget, in consultation with the commissioner [of the State Education Department].” The New York State School Funding Transparency Form is the outcome of this process.

Based on existing financial information that school districts already report to the State Education Department on a district-wide basis, the form seeks to capture school districts’ methodologies and/or rationales for school-level funding determinations, including funding from State, local, and federal sources. In addition, the form surveys school districts’ projected centralized district costs, school-level student and staff information, school-level allocations for various programs, and —if applicable— school-level allocations under any locally implemented funding formula.

Source: NYS Division of Budget

The above requirement requires the district to report its funding information to NYS on a prospective basis, meaning it is reported on budgeted, not actual, dollars. As a result, this report includes all the estimates that are included in preparing the budget. 

Wantagh UFSD NYS Funding Transparency Form for 2020-21 Budget (Reported September 2020)

 

EVERY STUDENT SUCCEEDS ACT (ESSA) FINANCIAL TRANSPARENCY REPORTING

In December 2015, the Every Student Succeeds Act (ESSA) was signed into law as the successor to the No Child Left Behind Act enacted in the early 2000s, as amended by the Elementary and Secondary Education Act. Among a multitude of changes to the education landscape resulting from this federal legislation was the creation of a new financial transparency reporting requirement, whereby all local education agencies (LEAs)1 would annually provide information about: “[t]he per-pupil expenditures of Federal, State, and local funds, including actual personnel expenditures and actual nonpersonnel expenditures of Federal, State, and local funds, disaggregated by source of funds, for each local education agency and each school in the State for the preceding fiscal year.” (Public Law 114-95, 129 STAT. 1802) 

Source: NYSED

The above requirement requires the district to report its funding information to NYS and the federal government. The data reported is for the latest completed fiscal year, meaning the report includes actual expenditures.  

Wantagh UFSD ESSA Funding Transparency Reporting for 2019-20 Actual Expenditures (Reported November 2020)