Finance committee reports unqualified audit, recommends $5 million transfer; discusses Act 1 opt-out, five-year projection, Eastern Center dues and bus stop-arm

The Hatboro-Horsham School District finance committee reviewed the 2023–24 audit, a multi-year financial projection and several budget-related items at the Jan. 13 work session and recommended board action at the Jan. 27 legislative meeting.

Finance director Mr. Stone told the board auditors issued an unqualified opinion for 2023–24. The general fund finished the year with a $1.8 million operating surplus and staff recommended a one-time transfer of $5 million from the general fund to the capital reserve, pending approval at the Jan. 27 legislative action meeting. Stone reported the general fund ending balance as of June 30, 2024, at $26.9 million and said the capital reserve balance currently stands at $19.8 million with roughly $8 million committed to approved projects.

Stone said favorable revenue—higher interest earnings, strong tax collections and increased state aid—drove the surplus; expenditures were roughly $200,000 under budget before the proposed…