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Audit: Watchung Hills posts another clean opinion; capital reserve drawn down to retire referendum note
Summary
Auditors delivered an unmodified (clean) opinion on the district’s 2023–24 annual comprehensive financial report and said a planned drawdown of capital reserve paid off a temporary capital note tied to the 2022 referendum.
Auditors told the Watchung Hills Regional High School District board on Thursday that the district’s 2023–24 annual comprehensive financial report received unmodified opinions on the financial statements, internal control and federal and state financial assistance, and that there were no audit recommendations.
The clean audit matters because it affirms the district’s financial reporting and internal controls, while also documenting a nearly $4.9 million planned decrease in fund balance driven by using capital reserve to retire a temporary capital note from the 2022 referendum.
Chris Vinci of the district’s audit firm presented the report, saying, “An unmodified opinion is the cleanest audit opinion you can get.” Vinci said the district began the year with $9,754,003 in capital reserve and ended with…
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