Auditor reports "unmodified" opinion, outlines reserves and 10 recommendations

Auditor Alex Barice presented the Ridgefield Park Public School District’s fiscal year 2024 audit, telling the Board of Education on Feb. 19 that the district received an unmodified opinion and ends the year with $13.4 million in fund balance.

The audit showed the district’s fund balance rose from about $12.2 million to about $13.4 million as of June 30, 2024. "Unmodified meaning it's the highest level that can be obtained," Barice said. He described major restrictions on the balance: roughly $9.5 million in capital reserve, about $1.4 million in maintenance reserve, approximately $250,000 in a tuition reserve, and about $400,000 in year-end encumbrances. Barice said about $1.9 million remained as unassigned fund balance.

The auditor said the report contained 10 recommendations for 2023–24; eight were new comments, two repeated prior-year findings, and two were identified as significant deficiencies. Barice told the board the business office prepared a corrective action plan outlining how each recommendation will be addressed.

Why it matters: an unmodified opinion indicates the financial statements are presented fairly in all material respects. The audit’s findings and the listed reserves will inform the district’s budget planning and any required corrective steps.

Barice offered to take questions; none were raised. The auditor’s overview was followed by routine committee and board business.

Ending: The board received the audit and confirmed it will review the recommended corrective actions in upcoming finance and committee meetings as the 2025 budget process proceeds. The district auditor remains available to discuss the recommendations in more detail with the board or finance committee.