Susan Barossi of O'Connor Davies present the findings of the Bronxville School's audit for 2011-12. The report cited Moody's Aa2 rating for the District, indicating "healthy financial operations with solid reserve levels." The report found no material weaknesses and no instances or suspicions or allegations of fraud. The audit determined that accounting policies and their application were appropriate for the District. The District has thus far been able to replenish its unassigned reserves at 4% of the operating budget, the maximum permissible by law.
The auditor further reported that the District is fully meeting the annual obligations of post-retirement benefits in keeping with accounting and legal requirements.
The report noted that the expenses incurred in connection with the Hurricane Irene flood, about $5 million, were offset by insurance recovery money and not taxpayer dollars.
