BY ANDY GARDNER
North Country This Week

MASSENA -- The Massena Central School District did well in an external financial audit, Carl Seyfarth from Seyfarth and Seyfarth CPAs told the school board on Thursday, Oct. 17.

The district hires him each year to audit their books.

"There were no significant adjustments we had to make ... which is important for you guys," he said. "If we had a laundry list of adjustments to make, you'd wonder how you're doing."

He said the audit shows the district owing $180 million, but that is calculated from all of the benefits the district owes all of their employees in retirement and health insurance benefits.

"That is the retirement and health insurance benefits you've pledged to give retirees later on down the road," Seyfarth said, adding that it won't affect their day-to-day operations. "As you enter into contracts and negotiations, that's the only way you can control that number."

"It assumes zero revenue going forward," District Business Manager Nick Brouliette said. "That's how accounting laws work. If you cease business today, you owe this much."

Seyfarth said the only finding is that "you're overfunding with reserves," which audits from the last couple of years also cited.

"I don't think it's an emergency ... it's something you're working on as part of your plans. Better too much than too little," he said. "If you didn't have any reserves you'd be sitting there on the comptroller's endangered list."