Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Audit topic
No spam. Unsubscribe anytime.
Audit finds no material weaknesses; district reports stronger December tax collections and reinvests $5 million CD
Summary
External auditors issued a clean review of fiscal year 2023‑24 financial statements, and district finance staff reported improved real‑estate tax collections, reinvestment of a $5 million certificate of deposit and routine revenue updates.
Gorman & Associates audited the Northwestern Lehigh School District’s financial statements for the year ending June 30, 2024, and found that the district "followed appropriate accounting policies" with no material weaknesses or significant deficiencies in internal controls, a district staff member reported.
The auditors noted alignment with recent government accounting standard changes and praised district staff cooperation. "In short, the auditors found that the school district's financial practices and records are in good shape with no major issues to address," the staff member said.
Separately, the district’s finance report for December showed stronger‑than‑expected real‑estate tax collections that narrowed earlier shortfalls; the district reported total year collections at 97.59% of billed taxes compared with about 97.4% the prior year. Real‑estate transfer tax, delinquent tax collections, earned income tax increases and donations were summarized for the month.
The treasurer’s report noted the district reinvested a $5 million certificate of deposit into a four‑month CD at an annual percentage yield (APY) of 4.15%. The previous CD had been nine months in duration; staff described the shorter maturity as a cash‑management decision.
Board members asked for routine receipt of the audit and accepted the financial report; the audit was presented as informational and no further action beyond receipt was recorded.
