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Teaneck audit shows $18.6 million in fund balance, auditors list 12 recommendations
Summary
Independent auditors presented the district—s 2023-24 financial audit, reporting $18.6 million in fund balances, major restricted reserves, and 12 recommendations including bookkeeping and contract advertising improvements.
Liz Schick, a partner at the audit firm Lurch, Vincy and Bliss, told the Teaneck Board of Education on Feb. 5 that the district closed fiscal year 2023-24 with $18.6 million in governmental fund balances and reserves.
The audit presentation explained that much of that total was earmarked: roughly $4.8 million in capital reserve, about $3.1 million in maintenance reserve, $285,000 in a tuition reserve, and an excess surplus of about $4.7 million. Schick said the district used more than $3 million of its surplus to help balance the 2024-25 budget and that a remaining excess-surcharge amount of roughly $3.4 million…
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