The fiscal management practices and overall financial condition of the Locust Valley Central School District are “excellent,” according to Michael E. Nawrocki of Nawrocki Smith LLP, Certified Public Accountants.  Mr. Nawrocki presented the External Audit Report for the 2012-2013 school year to the Board of Education on September 11, 2013 at the public Board of Education meeting which took place in the High School Mini-Theater.  The senior audit engagement partner of this firm extended compliments to the LVCSD Board of Education and district administration for prudent fiscal management, which resulted in the sound financial conditions of the District at a time when the fiscal position of other organizations, including other school districts, corporations and government entities, is deteriorating.
Mr. Nawrocki also applauded the accuracy and timeliness of the district’s financial statements and described them as being superior to those of many other districts.  “There were absolutely no audit adjustments to the financial statements, and the district’s audit report was accurately prepared and submitted way in advance of the New York State required deadline,” Nawrocki noted.  He attributed this to excellent administrative planning and accounting oversight within the district. He added that no weaknesses or deficiencies were found in the internal controls of the district’s finances.
Superintendent of Schools, Dr. Anna Hunderfund, noted that Toni Meliambro, the District Treasurer, played a vital role in preparing the district’s financial statements on which the External Audit was based. Ms. Meliambro is a Certified Public Accountant who has assumed this important, legally-required responsibility. Typically, other school districts have to hire an outside accountant to fulfill this legal responsibility and thus, incur additional expenses, which are not necessary for the Locust Valley District. Donna Wengrofsky, the District’s Accounting Supervisor, was also instrumental in preparing other information, which was scrutinized by the auditors.
The receipt of excellent audit reports based on accurate and complete financial statements will enable the District to maintain its excellent credit rating, which in turn, will enable the District to obtain lower interest rates than would otherwise be the case.