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District auditor reports ‘no formal findings’; fund balance down but district debt-free
Summary
The district auditor presented the 2024 audit, reporting no formal state reportable findings, a modest decline in the fund balance from roughly $15.3 million to about $14.0 million and that the district is currently debt free for bonded debt.
Leon Costello, managing partner at the district’s auditor firm, presented highlights from the Ocean City School District’s 2024 audit and told the board the review produced no formal findings that must be reported to the state.
Costello said, "We have no formal findings," and praised the business office for cooperation during the audit. He reported the district’s fund balance declined…
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