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Articles From Lumsden McCormick

NYS OSC Issues Fiscal Oversight for School Districts and Local Governments

Source: Office of the New York State Comptroller

The Federal Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020, to help address the economic effects of the coronavirus pandemic (pandemic). The purpose of the CARES Act is to provide financial aid to individuals; small businesses; large corporations; hospitals and public health; state and local governments; and education. With respect to local governments and school districts, the CARES Act is primarily focused on helping these entities fund unanticipated expenditures incurred due to the pandemic. CARES Act funds are not intended to bridge budget gaps that may result from a decrease in expected revenues (such as a reduction in State Aid in school districts) as a result of the pandemic.

This guidance document discusses the importance of proper fiscal oversight by local and school district officials during these unprecedented times. It also identifies various revenues available under the CARES Act to local governments and school districts in New York State (NYS). Lastly, it addresses how CARES Act revenues and pandemic-related expenditures should be accounted for by local governments and school district officials.

Download the complete guidance here.

NYS OSC Issues Fiscal Oversight for School Districts and Local Governments

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Sara has extensive experience serving governmental entities in the areas of internal and external auditing, single audits, taxation, information returns, and financial reporting. As the leader of our governmental services group, Sara is responsible for reviewing all governmental financial statements and assists with the management and delivery of services by facilitating risk assessment and client expectations for our larger governmental clients. She maintains and exceeds the continuing professional education requirements of Government Auditing Standards. In addition to the services she provides to local governments, Sara performs audits and related financial services for commercial businesses and nonprofit organizations.

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