The Clarence Central School Board agreed Tuesday to set aside $800,000 to $900,000 for the payment of school tax refunds following an executive session that included a discussion of contested property
Richard J. Mancuso, district business manager, said the money to be placed in reserve will reduce the present surplus of $1.9 million to about $1 million, or slightly more than 2 percent of this year's $38.9 million budget.
Mancuso said there are more than 20 cases pending in which property owners have contested their assessments. He said a recent settlement that resulted in a lower assessment for Clarence Mall will cost the district an as-yet-undetermined amount of money.
The decision to set aside money for the settlement of assessment cases also satisfies concerns expressed in an independent audit report presented earlier in the meeting by Superintendent Thomas G. Coseo.
The audit, prepared by the accounting firm of Lumsden and McCormick, indicated that the district is in good financial shape, but noted that the undesignated fund balance, as of June 30, was higher than
allowed by state law.
At that time, the undesignated surplus was $2.2 million, which amounted to 5.7 percent of the current budget.
That exceeded the 2 percent limit the state wants school districts to carry. The figure was reduced to $1.9 million after the tax rate was set in