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Delaware Valley SD audit: clean opinion, $1.6 million general-fund gain; pension liability remains large
Summary
An independent audit of Delaware Valley SD for the 2023-24 fiscal year returned an unmodified (clean) opinion, showed a $1.6 million net positive variance in the general fund and highlighted a roughly $120 million pension liability for the district's share of the state plan.
Paul Murphy, the auditor who led the district's 2023-24 audit engagement, told the Delaware Valley SD Board of Education the audit produced an unmodified, or "clean," opinion and that the district finished the year with stronger-than-budgeted results.
Murphy said the district recorded a $537,050 positive revenue variance versus the final budget and spent about $1,061,052 less than budgeted in total expenditures, producing a net increase in the general fund of $1,598,102. "This is an unmodified opinion for financial position in accordance with generally accepted accounting principles," Murphy said during the presentation.
The auditor outlined how the district allocated its roughly $20 million in total fund balance at year-end. The board has designated funds for near- and long-term needs including a retirement reserve (about…
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