Independent audit: Haverford Township SD receives unmodified opinion; fund transfers to capital projects noted

The independent auditor for Haverford Township School District presented the 2023–24 audit highlights at the Jan. 23 board meeting and the board voted to accept the audit report.

Carl Hogan of Withum Smith and Brown reviewed the audit’s opinion and key financial metrics. He said the firm issued an unmodified opinion on the district’s financial statements for the year ended June 30, 2024, and encouraged board and community members to read management’s discussion and analysis for narrative context. Hogan highlighted total revenues of approximately $146 million and total expenditures near the same amount for the year; the district finished the year with a modest positive variance overall despite some volatility in local revenue sources such as real-estate transfer taxes.

Hogan explained the district transferred roughly $8.2 million from the general fund to the capital projects fund (a planned use of committed fund balance) and that the general fund fund balance decreased to a roughly $19.5 million level after those transfers. He said the capital projects fund increased to about $16 million at year end, in part due to $22 million of debt issued during the year (including refinancing and premiums). The auditor noted an unmodified opinion and stated that no current-year material weaknesses or significant deficiencies were identified in internal control over financial reporting; a board member pointed out a typographical reference to a prior‑year finding in the draft and the auditor said that would be corrected.

Hogan described other fund results: the food-service enterprise fund improved its net position by about $500,000, and the district’s participation in the Delaware County Health Consortium (internal service fund) increased (reported balance about $14 million), providing the district with reserves to manage premium volatility. He noted debt-service costs of about $14 million, roughly 7–10% of the annual budget — in line with comparable districts.

A board member asked for a summary of the district’s overall financial condition; Hogan described a steady improvement in fund balance over his tenure and characterized district budgeting as conservative, allowing the district to set aside monies for capital projects rather than borrowing the full amount when projects arise. The board accepted the audit report subject to incorporation of editorial corrections the auditor acknowledged.

The auditor recommended the board review management’s discussion and analysis and noted the budget-to-actual schedule in the audit report as a key tool for planning. The board will file any corrected final audit documents according to state filing requirements.