Auditor reports $2 million gain; board accepts annual financial report and approves contracts

Auditor Robert Inverso told the Cinnaminson Township Board of Education on Jan. 15 that the district recorded a gain in operations of roughly $2 million for the fiscal year ending June 30, 2024, and the board voted to accept the annual comprehensive financial report and the auditor’s management report.

Inverso presented revenue and expenditure totals, saying the district’s tax levy was $36,220,000; tuition $575,000; transportation aid $1,000,007.84; miscellaneous revenue $423,000; federal aid $46,000; and state aid $20,768,000, which he summarized in a total revenue figure of about $59,000,008.18. He reported expenditures for the period of roughly $57,000,007.94 and an operational gain of approximately $2,000,000.23, yielding an ending fund balance near $21,000,001.14.

In his remarks, Inverso said the business office records were “in very good condition” and that there were no recommendations in the auditor’s management report. The board later approved the annual comprehensive financial report and the auditor’s management report as part of the meeting’s business and finance consent agenda.

The board also approved several finance and operations items under Section 16: acceptance of several donations (two 3D printers from Fred Kamps to the middle school; $1,000 from CHASA for middle-school staff recognition; $824 from Jersey Mike’s of Cinnaminson to Rush Intermediate School); a construction proposal with W.J. Gross for ramp repair at the high school (to be reimbursed through insurance for any deductible); and contracts including bond counsel services with Wilentz, Goldman & Spitzer for Jan. 22 to June 30, 2025; a settlement agreement with Meta Platforms; and a copier contract with Rico Copiers.

“Thank you,” the business administrator said when presenting the finance agenda; the board voted on the consent items and the motion passed. No recommendations were attached to the auditor’s management report.

Votes at a glance: the board approved the annual comprehensive financial report and auditor’s management report and approved Section 16, items a through d (donations, ramp repair construction proposal, and the listed contracts).

Board members were also updated earlier in the meeting on budget-to-actual performance for the 2023–24 year and reserves that will affect the 2024–25 budget process. No additional board direction or follow-up assignments were recorded for the audit report during the meeting.