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FY2024 audit shrinks state and federal school revenues; county transfer to schools rises in audited results
Summary
Auditors presented FY2024 audited results showing lower state and federal school revenues than the unaudited presentation, which increased the county transfer to schools and reduced the county’s unassigned fund balance compared with prior unaudited estimates.
Maria Cowhey, county finance presenter, told the Gloucester County Board of Supervisors on Jan. 7 that the audited FY2024 financial results differ from the unaudited figures presented in October, primarily because some state and federal revenues recorded in the unaudited statements could not be recognized by the auditors for fiscal year 2024.
The audited results reduced state and federal revenue for the Gloucester County Schools and required a larger county transfer to offset the shortfall. Cowhey said, “the schools did not overspend their total budget, but it does…
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