Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Audit Schools topic
No spam. Unsubscribe anytime.
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 impact the county transfer to the schools.”
Cowhey presented side-by-side budget, unaudited and audited figures. The presentation showed that the county transfer originally presented as $29,900,000 in the unaudited materials was recorded in the audit as $30,584,000. Cowhey described adjustments the auditors made when reimbursement requests recorded in the unaudited statements were determined to relate to other fiscal years or to be estimates not belonging in FY24.
A Gloucester County Schools official, Dr. Vladue, joined the presentation to answer school-related questions and said enrollment fluctuations and midyear changes — including more than 90 homeschooling requests — have affected state and federal funding levels. Dr. Vladue also noted last year’s reductions in federal ESSER funds and prior staffing reductions as factors the division is monitoring.
Cowhey said the audited unassigned fund balance is approximately $28,300,000, down from the unaudited figure presented earlier (about $28,999,000). She identified the primary contributors to that change as the school revenue adjustments and noted the county’s excess above its 16% policy decreased accordingly.
Cowhey told the board she would return in February with a midyear financial update ahead of budget season. Supervisors asked technical questions about why reimbursements were disallowed for FY24; Cowhey explained some requests were tied to other fiscal years or represented estimates not appropriate to record in FY24.
(Ending) The presentation closed with the board scheduling follow-up budget work in advance of the FY2026 budget cycle; Cowhey said staff will continue to monitor enrollment-driven revenue and bring updates to the board in February.
