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Finance director reports improved revenue trends; auditors complete FY24 field work
Summary
Coventry’s finance director said tuition and Medicaid revenue are trending above budget and the district projects a surplus to reduce the accumulated deficit; auditors completed field work for the fiscal 2024 audit and draft financials were received.
Coventry’s finance director told the school committee that tuition and Medicaid revenue are trending higher than budgeted and staff revised revenue projections upward for the current fiscal year.
The district is about 10 months into the fiscal year and the finance director reported projected results that would produce “about a $140,000 surplus that can go towards the accumulated deficit.” The report covered actuals to date, revised projections and anticipated year-end reconciliation.
Auditors completed field work for the fiscal 2024 audit and delivered draft financial statements and proposed adjusting entries to the district. The district scheduled a follow-up meeting with the auditors to reconcile entries and move toward issuing audited financial statements and the required MTP (municipal-type) reconciliation. School officials said the single audit — the review of federal funds — will be conducted in conjunction with the regular audit.
Committee members asked whether the accumulated deficit has changed materially; the finance director said there have been no material changes and that prior cleanup and reconciliation work over past audits reduced legacy accounting items. Participants noted the advantage of finance staff continuity for preparing future budgets and facilitating audits.
The committee received the monthly finance report and an audit update; no formal vote on these items was recorded beyond the finance report discussion.
