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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 from about $15.3 million to about $14.0 million and noted that while the balance remains healthy the trend "needs to be watched." The auditor pointed out the district has effectively maintained a flat tax levy over the last decade and has eliminated bonded debt; Costello said the district paid off its last debt service obligations and is "debt free right now."
The audit documents provided to trustees include numerical detail and commentary; Costello supplied board members with summary pages and invited questions. The presentation touched on reserves and capital planning and flagged the downward trend in fund balance as an item for district monitoring, without recommending immediate corrective action.
Superintendent remarks elsewhere in the meeting reinforced budgeting context: the board president said the state Department of Education appears to be capping potential reductions at about 3 percent for the district’s state aid allocation, and the governor’s budget address was noted for Feb. 25 as an upcoming information point.
The auditor offered to answer follow-up questions and said the full audit report is available to trustees for detailed review.
