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Audit: Teaneck School District shows $18.6 million in reserves; auditors list 12 recommendations
Summary
Auditors presented the districtfinancial statements as of June 30, 2024, explaining reserves, on-behalf pension reporting and a 12-item recommendation list; the district will present a corrective action plan next week.
Liz Schick, a partner at Lurch, Vincy and Bliss, presented the Teaneck School Districtauditorreport for the year ended June 30, 2024, saying the district reported $18.6 million in reserves and fund balances but that much of the money is already designated for specific purposes.
Schick told the board the districthad roughly $4.8 million in capital reserve, about $3.1 million in maintenance reserve, $285,000 in a tuition reserve and $4.7 million classified as excess surplus (the amount above the state-allowed 2% unassigned fund balance). She also said encumbrances totaled about $1.7 million and that the districthas an unassigned fund balance of about $860,000 on a GAAP basis after those designations.
Schick explained part of the difference between the GAAP…
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