NORWICH – Norwich City School District's Board of Education approved the district's annual audit and corrective plan at its meeting Wednesday night, during which board members and the public expressed concerns about the district's lack of fund reserves.

The audit notes that the district will begin the 2018-19 fiscal year with an unassigned fund balance of $0, which is a decrease from the $238,000 unassigned fund balance from the prior year.

Stan Cwynar of Cwynar & Company, CPAs, PLLC – which conducted the district's audit – told the board Wednesday that New York State likes the unassigned fund balance for districts to be four percent of the subsequent year budget, or about $1.6 million. He said the loss of unassigned funds can be attributed to rising expenses coupled with a stagnant revenue stream.

"Even though the fund balance is dismal, there are some bright spots for Norwich City School District," said Cwynar. The bright side, Cwynar said, is the district's net position stands at $55 million. "When you look at your savings compared to other [districts], it's very strong. You have a strong financial statement compared to a lot of other districts."