Sweet Home audit shows financial strength
by DAVID F. SHERMAN Managing Editor

A surge in commercial development has enabled the Sweet Home Central School District to improve its strength and stability in the eyes of its outside auditors.

Officials from the firm of Lumsden and McCormick and the district audit committee reported earlier this month to the Board of Education and stated that the district had a very good year financially.

Thomas D. Miller, director of finance and plant services, said the firm saw positive results when it closed the books on the 2005-06 school year, which is also the district's fiscal year.

A total of $1.8 million was added to the district's general fund reserves last year, and full value tax assessments soared by $96 million.

Miller said the primary reason for the increases was the building of new commercial interests, including the Lowe's store on Niagara Falls Boulevard and the American Campus Apartments on Sweet Home Road.

Along with new restaurants on Maple Road and other retail establishments, these nonresidential interests add tax revenue to the district without having an impact on student enrollment.

"When we went to set our tax rate at the end of August, the rate fell for residents," Miller said. "That's important to the district.

"We have always had a good relationship with the Boulevard Mall and the retail developments around us. Part of this growth is around the university, with restaurants and motels, and keeps our community strong."

Higher property values also equate to very attractive homes in the real estate market, making Sweet Home a popular destination, he added.

"These building projects increase the value of our assets and keep us strong," he said.

Working with Lumsden and Mc- Cormick was the district's audit committee, chaired by resident Bill Stoj. Also serving on the committee are resident Judy Ehman and board members Dirk Rabenold and Scott Johnson.

Miller said it is likely that the district will retain Lumsden and McCormick for the next five years.