State Comptroller Thomas DiNapoli announced Tuesday the results of a five-year audit of the state's school districts which found $880 million in excess funds, missed cost savings, and questionable payments.

DiNapoli is expected to present the findings to the State Board of Regents.

He says most school districts are managing their money properly, but they will hold accountable those who are not.

The comptroller is also proposing several new pieces of legislation including requiring boards of education to authorize an increase in reserve funds, and requiring school districts to include a schedule of all reserve funds in their public budget notices.

In response, New York State Education Commissioner David Steiner released a statement saying, "We are grateful for the work done by the Office of the State Comptroller to help ensure that school districts in New York State are fiscally sound, and are accountable for the use of public funds to provide the best possible education for their students."