Audit report solidifies Cayuga Community College's struggle with current financial situation

Months of budget struggles and employee layoffs came together Wednesday night as cold, hard proof of the financial situation that Cayuga Community College is in this year. At its monthly meeting Wednesday night, the Board of Trustees was presented with the college's annual audit report for the fiscal year that ended Aug. 31, done by the Cuddy & Ward accounting firm in Auburn. The report laid out the specifics of CCC's recent budget struggles, which peaked in July when the board declared a state of fiscal exigency, and provided the trustees with the numerical facts of the situation they now face. Richard Ward, who presented the report on behalf of the firm, described CCC as having "significant cash flow problems" over the past year, evidenced by some of its bills not being paid as timely as in the past. The audit shows CCC's cash balance to be around $2.8 million, down about $331,000 from last year. In 2011, the school's cash balance was about $8.4 million, Ward said.

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